New Delhi: Rising petrol and diesel prices are likely to put pressure on household budgets as the ongoing West Asia conflict continues to drive global crude oil prices higher, according to Manoranjan Sharma, Chief Economist at Infomerics Ratings.
Speaking to ANI, Sharma said that the sharp rise in international oil prices following the escalation of tensions in West Asia has made higher fuel costs unavoidable despite efforts by the government to shield consumers.
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"Petrol, diesel prices have been going up all over the world. All of us are aware that the world is going through a period of great turbulence, particularly in the wake of the West Asian crisis," Sharma said.
He noted that the closure of the Strait of Hormuz has significantly impacted global oil supplies and posed a challenge for India, which depends heavily on crude imports passing through the route.
