world-economy

India's Central Bank Signals Potential Fuel Price Increases Amid Middle East Tensions

India may need to raise retail fuel prices if Middle Eastern geopolitical tensions persist, Reserve Bank of India Governor Sanjay Malhotra said. The statement follows Prime Minister Narendra Modi's appeal for voluntary conservation measures, including reduced petrol and diesel consumption and restrained gold purchases, to bolster foreign exchange reserves. The government has already doubled the duty on gold imports and is considering additional restrictions on imported goods to manage demand. Prolonged regional instability could force the government to adjust consumer energy costs.