Indias leader advises citizens to limit international travel and gold purchases

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Prime Minister Narendra Modi has urged Indians to adopt several measures to conserve fuel amid the ongoing global energy crisis, which is linked to the war on Iran. During a public event in Hyderabad on Sunday, Modi called for people to work from home and use online meetings instead of physical gatherings to reduce fuel consumption.

He also recommended using public transport, carpooling, and reducing cooking oil consumption as ways to save fuel. Additionally, Modi asked families to avoid buying gold and cut nonessential overseas travel for at least a year. Farmers were also advised to reduce their fertilizer use by half.

Modi’s appeal was linked to the economic consequences of the war on Iran, which has caused global energy prices to surge. The prime minister emphasized the need to save foreign exchange, citing the current situation as a parallel to the COVID-19 pandemic.

As a result of the war, oil prices have increased significantly. A barrel of Brent crude rose from $72.87 on February 27 to $105.45 on Monday, an almost 50% increase. The disruption of global oil and gas supplies due to Iranian attacks on facilities in the Gulf has contributed to this rise.

The US naval blockade on ships entering or leaving Iranian ports has also added to the disruption of global energy supplies. Airlines have responded by hiking ticket prices, with international airfares increasing by 16% compared to the same period last year.

India’s foreign exchange reserves have fallen due to the war, from $728.5 billion as of February 27 to $690.69 billion as of May 1. The International Monetary Fund has projected that India’s current account deficit will be $84 billion in 2026.

Source: Al Jazeera