Even though Iran’s attack on Israel might cause global crude oil prices to go up due to war tensions, fuel prices in India are likely to remain stable during the upcoming general elections, industry experts predict.
The price of Brent crude, an international benchmark, has risen from $80 to $90 per barrel in just a month because of the escalating conflict between Iran and Israel. Mukesh Surana, CEO of Ratnagiri Refinery & Petrochemicals Ltd., explained that there could be a “war premium” added to oil prices in the financial market. This term refers to an increase in oil prices due to the anticipation of war. Additionally, if the situation worsens and affects oil supply routes like the Strait of Hormuz, it could further impact global oil prices.
However, despite potential volatility in global oil markets, fuel prices for petrol, diesel, and cooking gas are not expected to increase in India for the next two months due to the upcoming elections, according to industry executives.
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