Current RBI Governor Malhotra said that the central government may increase crude oil prices due to ongoing tensions in West Asia. Sanjay Malhotra, in a conference in Switzerland, said that the central government is on the path of fiscal consolidation. Ongoing US-Iran war and Middle East tensions have blocked the Strait of Hormuz, which has affected the gas and crude oil supplies. India is heavily dependent on energy imports, which is affecting India's economy and impacting India as the rupee is weakened.
Sanjay Malhotra said in a conference that if this continues for long, then the government will increase the crude prices. Retail prices of diesel and petrol are still the same. PM has asked Indian citizens to opt for work from home and reduce fuel usage to reduce foreign exchange.
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