New Delhi: On April 1, India’s Petroleum Marketing Corporations (OMC) made no changes to gasoline and diesel prices. This has brought great relief to ordinary people as the prices of gasoline and diesel have seen a steady increase in recent days. In the meantime, development has come to the fore, which can bring a lot of relief to the general public.
To control rising crude oil prices, the United States released oil from its emergency reserves. In recent days, crude oil prices have been falling around the world. According to media reports, the United States announced the release of one million barrels of crude oil daily from its strategic petroleum reserve for the next six months. Thus, the United States will release approximately 180 million barrels of crude oil over the next three months.
The United States can impose tariffs on American energy companies that avoid releasing oil in the event of supply problems in the event of extraordinary profits. Since Russia’s attack on Ukraine, crude oil prices have seen a huge jump over the past month. The reason is that due to the recent Corona waves, the Russian-Ukrainian war had created the possibility of deepening the crude oil supply crisis. According to reports, crude oil prices are expected to continue to fluctuate until the Russian-Ukrainian war continues. Rising crude oil prices are negatively affecting the Indian economy. Indeed, India imports about 80% of its oil needs from other countries. In such a situation, India’s import bill may increase due to the rising price of crude oil.
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