Hormuz Crisis: Since the Iran War, India has faced an oil and gas crisis. This has led to rising prices. Find out if petrol and diesel prices will become cheaper in India if Trump lifts the blockade on Hormuz.

Petrol Diesel Price in India: Petrol and diesel prices have been increased four times in the last 15 days in India. The public is suffering from the ever-rising inflation. This is due to the three-month-long war between Iran and the United States and the Hormuz Crisis. But now, the country's public has some hope of relief from rising petrol and diesel prices.

A recent statement by US President Donald Trump has sent shockwaves through the global oil market. Trump has stated that the US military is ready to lift the blockade on the Strait of Hormuz. Let's explore the impact this statement will have on rising oil prices in India.

What has Trump said?

Trump has stated that Iran must abandon its nuclear bomb development efforts at all costs. He also announced that the Strait of Hormuz will be immediately reopened to shipping on both sides without any restrictions or restrictions. Trump claimed that the US Navy has destroyed the mines laid there and that the ships stranded there can now return home.

So will petrol and diesel become cheaper in India?

This decision by Trump could have a direct and significant impact on petrol and diesel prices. If the blockade of Hormuz is completely lifted, petrol and diesel prices in India are likely to become cheaper.

There are three reasons for this...

First, the clearing of the road will increase global crude oil supply. As supply increases, crude oil prices in the global market will fall.

Second, ship insurance and freight charges, which had skyrocketed due to the threat of war, will now decrease. This means that oil imports will be cheaper for India.

Third, Trump's statement clearly indicates that the path to dialogue with Iran is opening up. If Iran agrees to US demands, prices could fall even faster.

Where can the screw get stuck?

However, it's important to understand one thing: petrol prices in India won't immediately become cheaper as soon as international prices fall. This will depend on how quickly India's state-owned oil companies pass on the benefits of this decline to the general public. Furthermore, if the government doesn't increase taxes during this time, you could see significant relief in petrol and diesel prices in the coming days.

How much has petrol and diesel become expensive in India?

Petrol and diesel prices in India were last increased on May 25th. Petrol became costlier by ₹2.61 and diesel by ₹2.71 per liter on May 25th. In the past 15 days, petrol has become costlier by ₹7.35 and diesel by ₹7.53 per liter. Along with oil, CNG prices have also increased in Delhi-NCR.

PC: ABPNews