Tensions in West Asia: Losses Amount to ₹30,000 Crores Per Month
Global crude oil prices have surged significantly in the international market following the closure of the Strait of Hormuz. The price of a barrel of Brent crude oil has even crossed the $100 mark. Nevertheless, domestically, the government is exercising control to prevent any hike in the prices of petrol, diesel, and gas cylinders. Despite the rise in international prices, state-owned oil companies are absorbing the additional costs to ensure that the burden does not immediately fall upon consumers. Consequently, these companies are reportedly incurring losses amounting to ₹700 crores per day, translating to a total loss of ₹30,000 crores per month.
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