The Indian government is ready to reduce market volatility and take appropriate measures to calm the rise in oil prices, Oil Minister Rameswar Teli told the Lok Sabha newspaper.
In a written question to the country’s parliament, he added that the government was closely monitoring the global energy market and the potential disruption of energy supply due to the evolving geopolitical situation between Russia and Ukraine.
Meanwhile, fuel rates remained unchanged on Monday, March 14, 2022, in subway cities. Prices have been static for more than four months, despite rising international crude oil prices, as major crude producers have pledged to fill the growing supply gap between Russia and Ukraine. .
Since the start of the daily price review in June 2017, this is the longest duration in the Indian rate. However, there is speculation today that fuel prices could rise by between € 12 and € 15 per liter as the end of the general election. Uttar Pradesh, Uttarakhand, Punjab, Goa and Manipur.
The central government reduced special taxes on November 4, 2021 to alleviate prices that had reached all-time highs. The government reduced the rate of 5 ₹ liters of petrol and 10 ₹ liters of diesel, significantly reducing fuel prices.
Later, in December 2021, the Delhi government reduced the value-added tax on gasoline from 30 percent to 19.40 percent. As a result, petrol prices fell by 8.56 ₹ per liter.
While crude oil prices fell below $ 110 a barrel on Monday in hopes of advancing peace talks in Russia and Ukraine, the conflict continues, with supply concerns underlined.
This has raised concerns that already high inflation is growing even further, as supply-side price pressures have been damaging to the country for decades.
The rise in oil prices will also affect the country’s trade and current account deficits.