Global Fuel Crisis Deepens Amid Iran War: Where India Stands as Crude Oil Prices Surge

The world is currently witnessing rising crude oil prices amid the Iran conflict, leading to concerns over fuel shortages and inflation in several countries. However, despite the global crisis, petrol and diesel prices in India have remained stable, prompting discussions after Prime Minister Narendra Modi appealed to citizens to reduce fuel consumption.

According to the latest data from Global Petrol Prices, petrol prices vary significantly across countries:

In 25 countries, petrol prices are between Rs 50 and Rs 99 per litre.

In 72 countries, prices range between Rs 100 and Rs 150 per litre.

In 41 countries, petrol is priced between Rs 150 and Rs 200 per litre.

In 22 countries, petrol prices range from Rs 200 to Rs 300 per litre.

In two countries, petrol prices have crossed Rs 300 per litre.

Sharp Rise in Fuel Prices Worldwide

Several countries have recorded steep increases in petrol and diesel prices:

Laos: Diesel prices rose by 149.7% and petrol by 35.8%.

Myanmar: Petrol prices increased by 89.7% and diesel by 112.7%.

Pakistan: Petrol prices rose by 54.9%.

Sri Lanka: Petrol prices increased by 38.2%.

United States and UAE: Petrol prices rose by 44.5% in the US, while the UAE recorded a 52.4% rise in petrol and an 86 per cent rise in diesel prices.

European nations including France, Belgium and the UK also reported fuel price hikes.

Also Read | Centre reduces oil, gas royalty burden across offshore and deepwater blocks.

Crude Oil Prices Surge

Crude oil prices have witnessed sharp volatility since the escalation of the Iran conflict. Brent crude reportedly surged from around $71 per barrel to nearly $107 per barrel.

Despite the increase in global crude prices, India has not announced any hike in petrol or diesel rates so far.

India Says Fuel Reserves Are Sufficient

The Centre has stated that India currently has adequate fuel reserves despite the global uncertainty. According to the government, the country has the following reserves available:

Crude oil: Around 60 days of storage

Natural gas: Around 60 days of reserves

LPG: Around 45 days of supply

Officials said India’s energy reserves are currently stable, helping the country manage the impact of fluctuations in the global oil market.