New Delhi : US-Israel IranThe above attack has created a new global crisis. This conflict is affecting India as well. Iran has announced the closure of the Strait of Hormuz, nearly halting fuel supplies from Iran and the Gulf. If this war continues for a long time, there may be a huge shortage of LPG in the country.
Also, new options have to be found for the supply of petrol and diesel, Bloomberg reports. European gas prices have risen by 50 percent. A shortage of cooking gas in India is likely to increase prices. Following an Iranian drone attack, Qatar has halted production at the world’s largest LNG export hub. Currently, Qatar is the fifth largest LNG producer in the world. Hence, a decline in production will adversely affect supply.
India need not immediately worry about the supply of petrol and diesel. Currently, the country has 70 to 80 days of stock. Last month, India bought a large amount of crude oil from Saudi Arabia. However, due to the new situation arising from the Iran war, India may prefer the US, Russia and other countries.
The ministry called an urgent meeting
It is worth noting that the Iran-US war is expected to increase crude oil prices. Crude oil prices may touch $100 per barrel in the near future. The government is showing considerable proactivity on this issue. On Monday, the petroleum department hastily called a big meeting. The government is reviewing the situation.
Major impact on aviation
The ongoing tensions in West Asia have had a major impact on air services. The Union government on Tuesday announced that airlines have made significant changes to their flight schedules and plan to operate a total of 58 flights on Wednesday (Dec 4). The civil aviation ministry said special arrangements are being made to help the stranded passengers. Airlines are operating additional flights as per requirement and foreign aviation authorities and Indian embassies are working diligently to ensure safe and orderly movement of passengers.
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