Iran-Israel war: India may have to pay for escalation in tensions between Iran and Israel petrol price to reach....
Iran-Israel war: India may have to pay for escalation in tensions between Iran and Israel petrol price to reach....
As Israel conducted strikes at Iran's nuclear, missile and military complex, mounting tension in West Asia, India said it is 'deeply concerned' over the recent developments between the countries and is 'closely monitoring' the evolving situation, even as New Delhi urged both nations to avoid any escalatory steps.
If a war breaks out between Israel and Iran and other countries of the Middle East also get involved in it, then it can have a big impact on the prices of diesel, petrol and LPG gas.
The attacks are happening in Tehran, which is about 2500 kilometers away from Delhi. But it is certain that it will have an impact on India as well. If a war breaks out between Israel and Iran and other countries of the Middle East also get involved in it, then the prices of diesel, petrol and LPG gas can be greatly affected.
India imports 85 percent of its oil requirement from other countries of the world. And one third of it comes from the Middle East countries. That means if there is a problem with the oil coming from there due to war, then the prices may increase.
Increased crude oil prices
As soon as Iran-Israel tension started, crude oil has crossed the level of $92 per barrel.
US' famous financial institution JP Morgan claims that these prices can increase by 31 percent to $120 per barrel. If petrol prices also increase by this much, then the petrol you buy in Delhi at the rate of Rs 94 per liter can increase to Rs 123 per liter.
Decline in the stock market
This means that the most dangerous effect of the oil war is likely to be seen on your pocket. However, the problem is not just the oil prices. Its effect will be seen everywhere.
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