Indian Prime Minister Narendra Modi has urged citizens to reduce their use of gasoline, gas, and diesel as much as possible due to the rapid rise in oil prices.
He made this statement during a speech in the Indian city of Hyderabad, Bloomberg writes.
The Prime Minister said that Indian citizens should reduce unnecessary travel and prefer remote work and online meetings, as during the Covid-19 pandemic. He also urged farmers to reduce the use of chemical fertilizers.
Modi also asked the countryʼs residents to reduce the purchase of gold jewelry and travel abroad to keep the currency in India. Indiaʼs opposition sharply criticized the prime ministerʼs proposals, accusing him of spreading panic in society.
India is the worldʼs third-largest oil importer, so a sharp rise in crude prices is putting additional pressure on the countryʼs economy. The central bank estimates that a 10% increase in oil prices could reduce economic growth by about 0.15 percentage points and raise inflation by 0.3 percentage points.
- Global oil prices began to rise sharply after the US and Israel launched a military operation against Iran, which halted tanker traffic through the Strait of Hormuz, through which almost a fifth of the worldʼs oil exports pass.
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