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Petrol, LPG Prices Set To Increase Right After Polls

Global fuel prices are expected to go up, as Iran faces global sanctions due to its aggressive nuclear programme. Iran plays an important role in the supply of crude oil, rated as the second largest producer after Saudi Arabia.

Increase in Petrol, LPG prices post polls

Increase in Petrol, LPG prices post polls

India, which is now Iran’s largest importer of crude, is in a sensitive position due to this predicament. This sanction will most likely mean higher prices for petroleum product.  The cost of crude in international markets has already hit $120 per barrel.

This move could dampen the government’s efforts at curb rising inflation, rising fiscal deficit and put additional pressure on the common man’s cost of living.

However, as the government heads into the ongoing assembly elections, it has maintained a defiant stance against external pressure to cut its trade ties with Iran.

The price of petrol and diesel has been used by successive governments to control polling. But chances are rife for an increase in prices, past the elections.

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