Petrol Price: Inflation will fall on the common man’s pocket. Petrol may become costlier by ₹ 18, warning of increase of ₹ 35 in diesel.

News India Live, Digital Desk: The deepening crisis in global politics is now going to directly impact your pocket and kitchen budget. Amidst the increasing tension at the international level, a very scary report has come out regarding the Indian fuel market. Leading global brokerage firm Macquarie has warned that in the coming days, there may be such an increase in the prices of petrol and diesel in India, which is difficult to even imagine. India will be scorched by the heat of Iran-Israel war! Instability in crude oil prices globally has increased the concern of the Indian government and oil companies. According to Macquarie’s report, if tensions increase further in the Gulf countries and the supply chain of crude oil is affected, then the domestic market may see a huge increase in petrol prices by ₹ 18 per liter and diesel prices by ₹ 35 per liter. This apprehension is being raised when the prices of crude oil in the global market are in danger of reaching the seventh sky. Why can the prices increase so much? Actually, India imports more than 85 percent of its crude oil requirement. Even the slightest movement in crude oil prices in the international market directly puts pressure on the profits of Indian oil companies and the government exchequer. Experts believe that if oil supply comes to a halt due to war-like situations, then oil companies can pass the burden of prices on the general public to reduce their losses. The possible increase of ₹ 35 in diesel prices will directly affect the cost of freight and farming, which may start a new cycle of inflation. Hit of inflation: Fruits, vegetables and ration will also become costlier. If the prices of petrol and diesel increase to this level, then its impact will not be limited to the drivers only. Due to diesel becoming expensive, transportation cost (cost of freight) will increase. Due to increase in the fare of trucks and mini vans, there will be a huge increase in the prices of fruits, vegetables, milk and ration reaching the markets. This means that this increase will not only empty the tank of your vehicle, but can also spoil the taste of your plate. What option do the general public have? At present, the government and oil companies are keeping a close watch on the situation. Although this huge increase in prices has not been officially announced yet, global signals have raised alarm bells. Market experts say that oil prices in the coming weeks will depend on which turn international geopolitical tensions take. The general public is being advised to be mentally prepared for this possible inflation and keep the budget balanced.