Daijiworld Media Network - New Delhi
New Delhi, May 10: Prime Minister Narendra Modi on Sunday urged citizens to revive work-from-home practices, reduce fuel consumption and avoid buying gold for weddings for one year amid fears of a sharp rise in petrol and diesel prices triggered by the ongoing Middle East conflict and global oil shock.
Addressing concerns over soaring crude oil prices and global economic uncertainty, Modi said fuel conservation had become a national responsibility in the present situation.
“During the Corona period, we adopted work from home, online meetings and video conferences. We had become accustomed to those systems. Today, the need of the hour is to restart those practices in the national interest,” the Prime Minister said.
Modi’s remarks come as global crude oil prices have reportedly surged from nearly USD 70 per barrel to around USD 126 per barrel due to escalating tensions in West Asia and disruptions around the Strait of Hormuz, one of the world’s most critical oil transit routes.
Without formally announcing a fuel price hike, Modi repeatedly emphasised the need to reduce petrol and diesel consumption.
“Petrol and diesel have become expensive across the world. It is our responsibility to save the foreign exchange spent on purchasing fuel by conserving petrol and diesel,” he said.
In a notable appeal, the Prime Minister also urged people to reconsider discretionary spending amid the ongoing economic pressure.
“I would appeal to people not to buy gold for weddings for one year,” he said.
The remarks came amid reports that petrol and diesel prices in India could soon witness their first major revision in nearly four years.
According to sources, oil marketing companies including Indian Oil Corporation, Bharat Petroleum and Hindustan Petroleum are facing heavy under-recoveries because of rising global crude prices.
Reports stated that the three companies together are suffering losses of nearly Rs 30,000 crore per month.
At current international crude prices, the government and oil companies are reportedly absorbing nearly Rs 24 per litre on petrol and Rs 30 per litre on diesel to shield consumers from the full impact of the crisis.
If approved, petrol and diesel prices may increase by around Rs 4 to Rs 5 per litre, while domestic LPG cylinder prices could rise by Rs 40 to Rs 50.
The global energy crisis has intensified following prolonged instability in the Middle East, which has disrupted shipping routes and raised concerns over crude oil supplies.
Nearly 20 per cent of the world’s oil passes through the Strait of Hormuz, where movement has remained severely affected due to the conflict.
Officials said India has so far managed to avoid shortages and long queues at fuel stations by increasing LPG production, diversifying crude imports from countries including Russia, the United States and West Africa, and operating refineries at more than 100 per cent capacity.
The Centre had also earlier reduced excise duties to cushion consumers from rising global fuel prices.