look news india
Israel-Iran War: There is a war going on between Israel and Iran but its impact is being seen all over the world. This fire is reaching India also. The effect of war on inflation is visible. Tension in the Middle East is now being seen in the form of inflation. Due to this war, the prices of crude oil have started increasing. Crude oil prices have increased by 12 percent so far in October.
impact of war
International crude oil prices rose nearly 12 percent in October due to rising tensions between Israel and Iran. If the situation remains like this then there is a possibility that the pressure of oil import on India will increase in future. On September 30 this year, the price of Brent crude in the international market was $ 71.81 per barrel, which increased to $ 80 per barrel on October 7.
price of crude oil
However, OPEC member countries and Russia and some other petroleum producing countries are expected to increase production from December this year. This is expected to provide some relief by the end of this year. Israel's actions against Hamas and Hezbollah are now pushing up crude oil prices as Iran stands up to Israel. West Asian countries including Iran are major exporters of petroleum. An increase in fighting in the region means a negative impact on the supply side. Due to this the price of crude oil is increasing.
The increase in crude oil prices will have a deep impact on India because petroleum and crude oil have the largest share in the country's imports. According to government data, the import of this item from April to August in the financial year 2024-25 was worth Rs 6,37,976.02 crore. This is 10.77 percent more than the same period of the last financial year.
India's dependency
India is a net petroleum importing country i.e. we are dependent on imports for crude oil and products like LNC-PNG. Although the government is trying to reduce dependence on imports by adopting other energy options, this is not possible at present.