There was a possibility that the price of petroleum products could come down. It was being said that the prices of petrol and diesel could come down by Rs 4 per liter to Rs 10. The reason for this was said to be that the price of crude oil in the international market has reached its lowest level in three years. The price of crude oil had fallen below $75 per barrel. Despite reducing the production, there was no increase in the prices, then it was being said that the petroleum companies can reduce the prices and for this the government will not have to pay anything from its treasury. That means the government does not have to reduce the fees.
But meanwhile Iran also got trapped in the ongoing war in the Middle East. Israel first waged war against Hamas, then against Hezbollah and the war also continued against Houthi rebels. But after Israel’s action in Lebanon, Iran attacked it and now Israel has announced revenge. Due to this concern, the prices of crude oil have started increasing. Prices have increased by four percent within two days. According to a report, if the price of crude oil increases by $ 10 per barrel, inflation increases by 0.3 percent in India. So, now the possibility of reduction in the prices of petrol and diesel is over and the way has also been opened for increase in the prices of many other essential commodities.