Iran crisis makes fuel price hike inevitable after polls

[Ray]

Iran crisis makes fuel price hike inevitable after polls

NEW DELHI: Iran's escalating tensions would make an increase in the prices of motor and kitchen fuels inevitable after the polls as international crude hit a six-month high of near $120 a barrel on Wednesday.

London Brent crude was up $1.28 to $118.63 a barrel after touching a high of $119.99, the highest intra-day price since August 1. US crude was up $1at $101.74 at the time of reporting.

Analysts said supply concerns outweighed worries over the health of global economy. News agencies said prices jumped after Iran's Press TV reported the country had banned exports to six EU countries in retaliation for European sanctions against Teheran. The prices only came down after Iran's oil ministry denied the report.

Iran crisis makes fuel price hike inevitable after polls - The Times of India

Sometimes I feel that India should continuously have elections.

Elections constrain the Govts from tightening the noose.

It is always those who depend on petrol who carry the economic burden of the Nation on their shoulder.

And interestingly, it is the rich who can afford to buy Diesel cars!

If only the Joint Family system was there so that a larger number bore the burden and eased the pain!