Petrol and diesel prices may rise if Middle East crisis persists, says RBI Governor Sanjay Malhotra

Reserve Bank Governor Sanjay Malhotra has said the government may eventually have to raise petrol and diesel prices if the ongoing Middle East crisis continues for a prolonged period, PTI reported on Wednesday.

Speaking at a conference in Switzerland on Tuesday, Malhotra said the disruption in oil and gas supplies due to the conflict and blockade of the Strait of Hormuz has begun impacting India, which remains heavily dependent on energy and fertiliser imports.