Indias Prime Minister Modi advises citizens against foreign travel and gold purchases

Prime Minister Narendra Modi has called on Indians to adopt 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 urged people to work from home and use online meetings instead of physical gatherings to reduce fuel consumption.

He also advised families to reduce their cooking oil consumption, suggesting it as both healthy and patriotic. Additionally, Modi asked Indians to avoid buying gold and cut nonessential overseas travel for at least a year. Farmers were also instructed to cut their fertilizer use by half.

The prime minister’s appeal was made in light of the rising global energy prices due to the war on Iran, which has caused significant disruptions to oil supplies. The conflict began on February 28 and has led to a surge in fuel costs, with a barrel of Brent crude increasing from $72.87 to $105.45.

As a result, airlines have raised ticket prices, with international airfares averaging $1,101 in the last week of April, a 16% increase from the same period last year. The war has also disrupted the supply of fertilizers, which are primarily exported through the Strait of Hormuz, a narrow waterway that accounts for 20% of global oil and liquefied natural gas supplies.

India’s foreign exchange reserves have also been affected by the crisis, with a decline from $728.5 billion to $690.69 billion as of May 1. The Reserve Bank of India reported a decrease of $7.79 billion, or 1.12%, from the end of March.

Source: Al Jazeera