Petroleum minister on international fuel prices

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Inflation is currently a global issue that almost every country is going through. Inflation is continuously rising and touching the new highest every week or month.

 Inflation in the USA has gone past 6% mark Sachin highest runs past two decades while inflation in the UK has first four percent which is the highest of the decade.

Global supply chain management and logistics costs have continuously risen since October 2021 which is causing the goods to get costlier.

This continuous growth and price is causing inflation to further go up and creating problems for economies. Many countries are surviving through this global inflation right now.

In addition to this OPEC countries have decided that the production of oil will not be increased at least till December 2021. This decision not to increase the production of fuel is taking the cost of fuel further up.

Because of this price hike of fuels, transportation and logistics are getting day by day. This affects the cost of the goods/goods and eventually inflation up.

Recently petroleum minister Mr. Hardeep Singh Puri has his say on this issue.

Money countries going through this inflation period while many others all trying to recover out of the covid and get their economy stabilized.

Mr. Singh said the continuous hike in the price of crude oil or fuels will hear recovery global economy.

In a recent talk, Mr. Singh sir said we have told them (oil-producing countries) that if you do not exercise caution then you will be in a situation where your desire to earn maximum profit in the short run will undermine the global economic recovery. If this gets undermined then whom would you sell to?

His point of view is quite simple, in the attempt of getting maximum profit in the short run Saudi Arabia or  OPEC countries should not try to keep the production level down artificially. Because of the fuel prices going up and global inflation is getting impacted.

We can hope that this is not the case and their production will be increased as soon as possible. Undertaker helps the economics to go back to normal.

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