People are showing anger towards the rising prices of petrol, diesel and cooking gas. Everyone’s eyes are on when the oil prices will come down and there will be relief from inflation. Now a positive signal has been received in this context. Union Minister of Petroleum and Natural Gas Hardeep Singh Puri has said that the prices of petrol and diesel will be reduced further in the coming days. According to him, plans are being made to increase oil production in the global market, including the US, which is likely to reduce oil prices internationally. If this happens, inflation can also be controlled to some extent. This news can bring a lot of relief to the common people, as fuel prices directly affect the prices of everyday goods and services.
Changes in the global market and impact on India
Hardeep Singh Puri, in a recent press conference, made it clear that under the new policies in the US, the focus is on increasing oil production. Referring to former US President Donald Trump’s statement “drill, baby, drill,” he said that large-scale oil production is being promoted in the US. This increased supply can reduce the price of crude oil in the international market, which will directly benefit the consumers.
If global oil prices come down, there will be a positive impact on the prices of petrol, diesel and gas in India as well. India meets a large part of its oil needs through imports. When oil will be available at cheaper rates, the government will be able to buy it at lower prices, which will also lead to a fall in rates in the domestic market.
Inflation under control with low prices
This effort of the government is very important to control inflation. When energy prices are low, costs are lower in various sectors such as transportation, agriculture and industrial production. This stabilizes the prices of goods and services and provides relief to the general public.
Hardeep Singh Puri said that the main objective of the government is to “buy oil in adequate quantity at low prices” so that inflation can be controlled. If oil is available at cheaper rates, transportation cost will come down and there will be a positive impact on prices of other commodities as well.
Trading in US dollar will continue
Another important point that Hardeep Singh Puri clarified was that India had never aimed to eliminate the use of dollar in oil trade. “Most of the transactions take place in dollars and have always been so. ‘ This means that there will be no major change in the existing system of oil trade, which will maintain economic stability at the international level.
He also informed that India has established contact with the new leadership of the Trump government in the US. This will further strengthen India-US energy ties, which can further facilitate India’s oil imports.
Pressure on oil-producing countries
Puri pointed out that India imports oil from more than 40 countries, including countries like Argentina. Currently, some oil-producing countries are cutting their production, causing oil prices to remain stable. But when the supply of oil increases in the global market, these countries will also be under pressure to reconsider their decision.
If oil producing countries change their reduction policy and increase production, it will increase competition in the international market and prices will fall. This will reduce petrol, diesel and gas prices.
What will be the impact on the public?
If the prices of petrol and diesel come down, it will be a big relief for the common people. This will not only reduce the transportation cost but also control the prices of goods and services. Inflation will come down and the economy will get a boost.
Besides, availability of oil at lower prices will also benefit trade and industries. When energy costs are reduced, production costs will also come down, leading to consumers getting products and services at lower prices.
The prices of petrol, diesel and gas has increased. Increased oil production in the global market will allow importing countries like India to buy oil at cheaper rates, which will control inflation.
The Government of India is also actively working in this direction and is making efforts to increase international cooperation in the field of energy. If this scheme is successful, then the prices of petrol-diesel and gas can be seen decreasing in the coming months, which will provide financial relief to the general public.
Now it will be interesting to see how much oil prices fall in the global market and to what extent it affects Indian consumers. But for the time being, this news is definitely a relief.
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