look news india
News India Live, Digital Desk: Amidst the ongoing tension in the Middle East (West Asia), a big relief news has emerged for India. Iran has announced to completely open the world’s most strategically important sea route ‘Strait of Hormuz’ for commercial ships. This decision of Iran is going to have a direct impact on India’s kitchen and your pocket. The opening of this route will not only ease the supply of crude oil, but it is also expected to provide great relief to the Indian markets facing the LPG crisis.
Why is this sea route the ‘lifeline’ for India?
The Strait of Hormuz is no less than a lifeline for India. India imports about 50% of its crude oil and more than 90% of its cooking gas (LPG) through this narrow sea route. Due to the ongoing tension for the last few weeks, this route was almost closed, due to which more than 20 ships coming to India were stuck in the middle of the sea. Now India’s energy security has been ensured by Iran opening it for ‘Friendly Nations’ and all commercial ships.
Historic fall of 11% in crude oil prices
With this announcement by Iran, there has been a huge decline in the prices of crude oil in the global market. Brent crude, which reached close to $119 a barrel in late March, has now fallen to below $90. Experts believe that if this path remains open, then Indian oil companies can make a big cut in the prices of petrol and diesel in the coming days. This is considered a big victory for India on the economic front.
Iran’s ‘friendly’ card and diplomacy of Modi government
Iranian Foreign Minister Abbas Aragchi clarified that ships of ‘friendly countries’ like India are being given safe passage on priority basis. However, Iran has set a ‘coordinated route’ for the ships, which will be mandatory to follow. The Indian government had also put pressure on opening this route by holding high level talks with both America and Iran in the last few days. Foreign Minister S. The activism of Jaishankar and Petroleum Minister Hardeep Puri has played an important role in averting this crisis.
LPG crisis will end, there will be relief from inflation
A large part of the LPG supply in India comes through this route. Due to closure of the strait, there were reports of LPG shortage in many parts of the country. Now that the supply chain has been restored, the shortage of LPG will end. This will not only provide relief to the common man, but will also reduce the cost of production in fertilizer and other industries, which may bring good news on the inflation front in the coming times.
