Petrol Diesel Price Hike: Crude oil prices are increasing due to the ongoing war between the US and Iran. However, India has not allowed it to have much impact on the public at present. Meanwhile, Krishna Srinivasan, Director of Asia Pacific Department of IMF (International Monetary Fund) has said that if this continues, India’s economy may get disturbed. In such a situation, attention will have to be paid to increasing the prices of petrol and diesel in the coming times.

What did Srinivasan say?
Actually, Krishna Srinivasan had come on May 5 to attend a program of the National Council of Applied Economic Research. During this, he talked about the impact of rising crude oil prices on consumers. He has said that if the prices of petrol and diesel are not increased even after the increase in crude oil prices, then it will completely affect the market. He has also said that if the prices of fertilizers are reduced then the impact on people’s pockets will be less.

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How much were the prices of crude oil?
Due to the ongoing tension between Iran and the US, the supply of crude oil is being affected. Due to this, the prices of crude oil are also continuously increasing. Currently, the price of Brent crude is trading above $110 per barrel, whereas till April 30, India’s crude basket was trading at around $118.70 per barrel.

Supply affected by Middle East tension
Let us tell you that tension in the Middle East has been going on since February 2026. Due to which the prices of not only petrol and diesel but also commercial and domestic gas have increased. Not only this, people across the country are also facing its shortage. In such a situation, this latest statement from IMF is going to give people sleepless nights.

Also read: Crude Oil Reserve: Crude oil on the verge of exhaustion, know how many days’ demand can be met with the remaining stock?