Rising Prices of Petrol, Diesel and LPG Likely to Impact Common People
Industries in Cities Like Gurugram May Face Higher Production Costs; Auto, Textile and Chemical Sectors Could Be Hit
Gurugram : The growing tensions between Iran and Israel in West Asia could have far-reaching consequences not only for the region but also for India’s economy and industrial sector. According to Deepak Maini, Chairman of the Progressive Federation of Trade and Industry (PFTI), further escalation of the conflict may lead to higher inflation, increased industrial costs, and greater financial pressure on the common man.
Maini said that India imports a substantial portion of its energy requirements from West Asian countries. Any disruption in crude oil supplies could push up global oil prices, which would directly lead to higher petrol and diesel prices in India. As transportation costs rise, the prices of essential goods may also increase, putting additional strain on household budgets.
He further noted that India’s trade with countries such as Iran, Iraq, Israel, Jordan, Lebanon, Syria, and Yemen is valued at nearly ₹3.55 lakh crore. If instability in the region intensifies, both exports and imports could be disrupted, causing significant losses for Indian industries.
Maini also highlighted concerns about a possible shortage of oil, LPG, and piped natural gas (PNG). Many industries across the country rely heavily on PNG for their production processes. A disruption in supply could slow down manufacturing operations and significantly increase production costs.
A potential shortage of LPG could also affect households, as domestic gas cylinders may become more expensive and supplies could face delays. This situation could put additional pressure on the budgets of middle- and lower-income families.
Industrial hubs such as Gurugram may also feel the impact. The city hosts numerous automobile, IT, and manufacturing companies. Rising fuel, LPG, and PNG prices could increase operational costs for these businesses, potentially affecting production, investment, and employment.
Maini emphasized that during such global uncertainties, it is essential for the government and industry to work together to strengthen alternative energy sources and secure supply chains in order to reduce potential economic shocks.