Modi Urges Indians to Conserve Fuel Amid Global Economic Uncertainty

New Delhi: US-Iran tensions and growing uncertainty in West Asia are taking a toll on the global economy. The situation could be even more challenging for countries like India, which imports a large part of their requirements. In a speech in Hyderabad, Prime Minister Narendra Modi urged people to reduce fuel consumption, reduce the use of chemical fertilizers, avoid buying gold for a year, and avoid unnecessary foreign travel. Political and economic experts believe that this appeal could be a sign of potential economic pressure in the future. However, no new decisions have been officially announced by the government yet. The constant fluctuation in international crude oil prices is putting enormous pressure on India's state-owned oil companies. State-owned companies like Indian Oil, BPCL, and HPCL are currently keeping petrol and diesel prices steady, but are incurring significant losses. Reports show that these companies are incurring losses of up to ID1,000 crore per month, which many energy experts believe is less than the actual cost of fuel they are selling.