Nagpur city since the arrival of New Year has been experiencing a rise in the fuel prices. With the regulation which states a daily change in fuel prices, be it an increase or a decrease in the rate, the city saw a steep rise in the last one week.
The rate is however still marginal but is seen to be highest when compared to the past months.
It is stated that on December 31, 2019, the petrol cost was rupees 81.29 while just in a week it went up to be rupees 81.78 when last recorded on January 6, 2020. The diesel costs were evenly seen rising from rupees 71.86 on December 31 to rupees 72.57 on January 6, 2020.
This drastic escalation in fuel prices is assumed to have been the aftereffect of the attack of the USA on the Iranian general and putting the global market at risk.
Even the capital of India, Delhi has been experiencing the same and steep changes in fuel prices. Moreover, the Global Stock Market was also affected by the killing of general Qasem Soleimani, as the crude oil prices have jumped by 3 percent on Friday.
India is dependent on the supply of crude oil from Gulf countries. And while the clashes which are happening between the USA and Iran, which is directly affecting the global scale rate of crude oil prices as the economy can be seen affected.
It is said that the situation might change after the reopening of the oil market. Once the market is open for dealings, there are chances that the clashes would also come to at least a point of discussion.
(With inputs from thelivenagpur)