Addressing a BJP rally in Hyderabad, Modi said the country must conserve fuel and protect its foreign exchange reserves during the global uncertainty caused by the prolonged conflict in West Asia. Disruptions in the Strait of Hormuz — one of the world’s most important oil shipping routes — have pushed crude oil prices above $105 per barrel, increasing concerns over inflation and energy security worldwide.
India imports nearly 88 percent of its crude oil needs, making the country highly vulnerable to rising global oil prices. A sharp rise in fuel imports also weakens the rupee and increases pressure on the economy. To reduce fuel consumption, Modi urged citizens to revive practices adopted during the Covid-19 pandemic, including work from home, virtual meetings, and video conferencing.
If you enjoyed reading this article, you can help support our journalism by adding OHeraldo as a preferred source.
The Prime Minister also encouraged people to use metro rail services, carpooling, and electric vehicles instead of private fuel-powered transport whenever possible.
Another major concern highlighted by Modi was gold imports. India is among the world’s largest gold buyers, and heavy imports lead to increased outflow of foreign currency. Modi appealed to citizens to avoid purchasing gold for at least a year in the national interest.
He also requested people to postpone non-essential foreign trips, overseas vacations, and destination weddings to help conserve valuable foreign exchange reserves during the ongoing global crisis.
The government fears that continued instability in West Asia could keep oil prices elevated for months, increasing inflationary pressure and affecting India’s economic growth.
