US Iran Ceasefire: The kind of tension that was prevailing between Iran and America for the last one and a half month had given sleepless nights to the entire world. There was fear of inflation and supply stoppage everywhere. But now the decision taken by both the countries to stop the war for two weeks has breathed new life into the market.
As soon as this news came, a huge decline of 13 to 17 percent was seen in the prices of crude oil in the international market. This decline is no less than a boon for countries like India, because we buy most of the oil we need from outside.
Fuel supply will increase due to ceasefire
In this entire dispute, the sea route named ‘Hormuz Strait’ is the most important. About 20 percent of the world’s oil and LPG supply passes through this route. Due to tension with Iran, there was a threat to the movement of ships on this route, due to which the prices were skyrocketing. Now with the ceasefire in place, the supply is expected to become smooth again. When the supply increases, it is natural that the prices of energy and fuel will come down, which will directly benefit your and our pockets.
Will petrol and diesel be cheaper in your city?
The biggest question for the common citizen of India is whether it will be cheaper to fill oil in the car? Experts say that if the prices of crude oil remain low in the international market, then there may be relief in the prices of petrol and diesel in the next 7 to 10 days. Although, oil companies in India reduce prices only after considering taxes and their past losses, still there is a strong possibility of price cut.
Improvement in supply chain will reduce costs
Not only petrol, but the prices of cooking gas i.e. LPG may also reduce. Improvement in supply chain will reduce the cost of import, due to which domestic and commercial cylinders can become cheaper. If the prices of commercial cylinders decrease, then you will get its direct benefit in hotels, restaurants and dhabas, where food items can become cheaper. Apart from this, due to cheaper diesel, the fare of trucks will reduce, which is expected to reduce the prices of vegetables, fruits, pulses and grains in the mandis.
Mobile, laptop and air travel also cheaper
This list of relief from inflation is quite long. Crude oil affects not only fuel but also electronics and plastics. In the coming days, things like smartphones, laptops, TVs, fridges and washing machines may become cheaper because their manufacturing and logistics costs will reduce. Also, due to cheaper aviation fuel (ATF), airlines can also reduce ticket prices. However, we will get the full benefit of all this only when this ceasefire is not temporary but turns into permanent peace.
Also read: Amidst Iran-US ceasefire, Kim Jong did an explosion, fired ballistic missile, alert in neighboring countries including Japan