RBI Governor attended a conference in Switzerland and highlighted that the Indian government is fiscally prudent and may raise fuel prices if the tensions continue in the Middle East. The Strait of Hormuz is blocked, and gas and crude oil supplies have stopped; this is the reason why India is severely affected. And, if Middle East tensions continue, then India will have to increase its petrol and diesel prices. From 28 February, the fuel prices are the same and have not increased, but if this crisis continues, then the government will have no choice but to increase crude oil rates, says RBI Governor. PM Modi has also asked Indians to reduce edible oil and fuel consumption and opt for the work-from-home option for at least a year to reduce foreign exchange. The value of the rupee is getting affected against the dollar and is showing a depreciation.
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