Petrol Diesel Price: Iran has decided to close Hormuz again within 24 hours of the announcement of opening it. The effect of which can once again be seen on oil and gas.
Strait of Hormuz Effect On Petrol-Diesel Price: The Strait of Hormuz was closed due to the US-Iran war, but recently on Friday, America and Iran agreed to open Hormuz. As soon as Hormuz was opened, there was a bumper rise in the stock markets around the world. At the same time, the prices of crude oil also fell drastically. Opening of Hormuz was good news for the whole world, but it did not last long. Within 24 hours, Iran announced the closure of Hormuz again. The effect of which can once again be seen on oil and gas. Now it remains to be seen what effect it has on petrol and diesel.
Iran has announced the closure of Hormuz on Saturday afternoon, blaming America. Iran’s joint military command clearly said that control of the Strait of Hormuz has returned to its previous position. Only after this warning all the ships started returning. Now in such a situation, once again a question started arising in the minds of people whether the prices of petrol, diesel and LPG will increase.
20 percent of the world’s oil comes from Hormuz.
The Strait of Hormuz is the route from where about 20 percent of the world’s oil is produced. When Iran closed Hormuz during the war, the prices of crude oil started skyrocketing. Although there was no impact on the prices of petrol and diesel in India, oil prices increased in many countries. As soon as Hormuz was opened, people felt that now they would get relief from the oil-gas crisis, but it lasted only for a short time. Due to the closure of Hormuz again, oil and gas prices are once again under threat.
What will be the effect?
Due to the closure of the Strait of Hormuz, the price of crude oil is likely to increase once again. If the price of crude oil increases, its impact on inflation will be clear. If Hormuz remains closed for a longer period, the prices of petrol and diesel may also increase. Now it remains to be seen how long Hormuz remains closed. However, talks are going on between America and Iran on a peace agreement including opening of Hormuz, which is at the final stage.
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