US-Iran War: There has been tension between Iran and America for a long time, but now the announcement of a two-week ceasefire between the two countries has created a stir in the global market. Due to the ongoing tension for a long time, the whole world was troubled by inflation and supply chain problems, but now this decision has raised hopes of relief. According to reports, as soon as the news of reducing tension between the two countries came out, its biggest and positive impact has been on the crude oil market. There has been a decline of 13 percent to 17 percent in the prices of crude oil in the international market.

Homurz Strait plays an important role in this development, which is considered the main route for the supply of about 20 percent of the world’s oil and LPG. There was a danger on this route due to tension with Iran, but now after the ceasefire, the hope that the situation will become normal has increased. Due to smooth supply, energy prices start falling, which will impact the global economy and will also benefit countries like India, which import most of the oil they need. They can get direct benefit from this.

There will be a decline in the prices of petrol and diesel

If we look from India’s perspective, the first relief can be seen in the prices of petrol and diesel. But the change in prices in India does not happen immediately, because oil companies also take into account taxes and past losses. If still, international prices remain low then relief may come in the next 7 to 10 days. Not only here but good news can also be received on the LPG front.

LPG had become expensive due to supply disruption due to the ongoing tension with Iran, due to which the prices of domestic and commercial cylinders increased, but looking at the latest situation, it seems that if imports become cheaper then the prices of domestic LPG cylinders may come down. Due to this, food items in hotels and dhabas can also become cheaper.

This stuff can be cheap!

• petrol and diesel
• Vegetables and Fruits
• cooking oil
• pulses
• food items
• smart fone
• laptop-pc
• TV
• refrigerator
• washing machine
• vehicles
• clothes coming from abroad

There may be change in the price of air tickets

This news can also be a relief for air passengers. Because due to low price of crude oil, Aviation Turbine Fuel (ATF) becomes cheaper, which is a major part of the cost of airlines. In such a situation, there is a high possibility that the prices of air tickets will reduce in the coming time. The fall in oil prices also affects the everyday life of common people. Due to cheaper diesel, transportation costs reduce, due to which vegetables, milk, grains and other essential goods can become cheaper. Apart from this, the cost of things like plastic, packaging, tires and synthetic clothes is also expected to reduce.

However, it is important to understand that the effect of these changes is not immediately visible. It may take 1 to 3 weeks for the supply chain to normalize and the new prices to be implemented. Also, this ceasefire is temporary at present. If this turns into permanent peace and the government also gives relief in tax, only then the general public will be able to get its full benefit.