New Delhi: High volatility could also deepen the hole in the pockets of Indian consumers, as the prices of liquefied petroleum gas (LPG) contained in working cylinders may increase in the coming weeks.
Oil and diesel prices are very high, and rising gas prices could increase the common man’s situation sooner rather than later. There is an ongoing global gas crisis that could lead to an increase in the cost of producing gas.
According to a report by Zee News Hindi, the sharp rise could be in production gas prices starting from April 2022. Apart from LPG gas cylinders, the prices of compressed natural gas (CNG), Piped Natural Gas (PNG), and even fires may increase in the coming months.
An increase in the costs of CNG, electricity and other oil products could lead to transportation costs and labor costs. Consumers may have to pay more for products and services daily due to an increase in prices of LPG, CNG, PNG and other oil products.
The Russia-Ukraine crisis will add to the problems of the common people, as the former is a gas supplier to European countries through its multi-million dollar pipelines. The crisis could damage the supply chain, creating a supply chain issue.
The impact of high gas prices could slow the development of countries recovering from the Covid-19 pandemic. Failure to meet increased energy demand worldwide could hamper growth rate. Also Read: Penny Stocks to Buy in 2022: Experts offer purchase label Rs 5 multibagger THIS product
In addition, increased tensions reflect war fears – a scenario that will have a major impact on gas and oil prices. The situation will become more apparent by April when cooking gas prices are revised. According to media reports, the price could increase from $ 2.9 per MMBtu to $ 6-7. Also Read: Vodafone looks to sell $ 2.5 billion worth of wood at Indus Towers