RBI Hints Petrol Price Rise as War Deepens; Modi Urges Fuel Savings

RBI Governor Sanjay Malhotra warned that petrol and diesel prices could rise if the West Asia conflict between the US-Israel side and Iran drags on. He said the central bank would study data and could pass on some price increases if the price shock deepens. The warning comes as Prime Minister Narendra Modi urged the nation to cut down on fuel use and to avoid buying gold for a year to preserve forex reserves. He noted the possibility of price moves if geopolitical tensions persist, speaking at a Swiss National Bank-IMF conference in Switzerland. He also pointed out that excise duties were reduced while oil marketing companies (OMCs) continued to absorb the rise in global crude prices as the conflict continues.

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