Iran has further fuelled tensions in the Middle East by firing about 200 missiles at Israel on Tuesday. This is Iran’s second fierce attack on Israel this year. Earlier in April, Iran had fired 300 missiles at Israel, but after that the series of attacks and counter-attacks between the two countries could not proceed further. Once again, Iran has provoked Israel by attacking it. Israeli Prime Minister Benjamin Netanyahu has said that Iran has made a big mistake by doing this and Iran will have to pay the price for it. After this, the apprehension has increased that a new war may break out between the two enemies in the region.
The rivalry and enmity between these two countries is years old. However, its intensity keeps fluctuating. The enmity between these two is considered to be a major reason for unrest in the Middle East. The big thing is that these two countries were once close friends, but now the roots of enmity between them have become so deep that Iran calls Israel the little devil and its ally America the big devil. Iran even says that Israel’s existence should be destroyed, whereas after becoming an independent country in 1948, Iran was the second Muslim country to recognize Israel.
In fact, Israel believes that Iran gives money, weapons and war training to Hamas, Hezbollah and Houthi rebels and is fighting a proxy war against it with their help. Israel alleges that Iran keeps instigating these three (Hamas, Hezbollah and Houthi rebels) against it and keeps fighting a war against the Jews. Israel also alleges that Iran’s Supreme Commander Ayatollah Khamenei instigates anti-Semitic organizations against Israel, due to which Israel always has to fight. Many Jews have died in this. Iran is also accused of wanting America to leave the Middle East, which remains a big ally of Israel and Jordan.
Let us tell you that the borders of Iran and Israel do not meet, there has been no border conflict or any other war between them and there is no territorial claim on each other, despite this both countries are staunch enemies. In fact, David Ben Gurion, the founder of Israel and the head of the first government, had befriended Iran to appease his Arab neighbors, so that no one could say anything about the new Jewish country, but in 1979, the revolution of fanatic Ayatollah Khamenei in Iran overthrew the rule of the Shah and established an Islamic republic there.
Khamenei declared himself the protector of Iran, broke his ties with Israel, and started sowing the seeds of hatred towards America and Israel all over Iran, the extreme form of which is being seen today. Under the leadership of Khamenei, Iran became a supporter of Palestine seized the Israeli Embassy in Tehran, and handed it over to the Palestine Liberation Army. In this way, the friendship between Iran and Israel turned into enmity.
Break on hopes of petrol and diesel becoming cheaper!
At the beginning of September, there was a continuous decline in the price of crude in the international market and in the middle of the month, the price of WTI crude fell below $ 70 to $ 69.27 per barrel, while for the first time since 2021, the price of Brent crude also fell to around $ 70 per barrel. Actually, the European Central Bank had cut the policy rate by 25 basis points, after which the price of crude fell. Apart from this, many other reasons also came to the fore. Due to the fall in crude oil prices in the month of September, there was also hope of a reduction in the long-standing stable petrol-diesel prices in India during the festive season. If we look at the reports published in September on Business Today, it was estimated by government officials that the central government could cut the price of petrol and diesel in view of the fall in crude prices.
Impact of crude prices on petrol and diesel
It is very important to know here how the change in crude prices at the international level due to increasing tension in the Middle East affects the prices of petrol and diesel in India. So let us tell you that the price of fuel in the country depends on many factors. Every day their prices decrease and increase. Along with this, these prices are different in every city. The reason for this change is the price of Brent crude oil in the international market, the excise duty levied on them in the country, VAT levied by the states.
However, the biggest role in deciding the Petrol-Diesel Price is played by the price of Brent crude in the global market. If the prices of crude fall, then there is a decrease in the price of petrol and diesel. But, it is not necessary that after the crude oil becomes cheaper, petrol and diesel also become cheaper, but in most cases this is seen.
Calculation of 1 dollar increase in crude
If we look at the calculation, according to expert Anuj Gupta, if the price of crude oil increases by 1 dollar per barrel at the international level, then the price of petrol and diesel in the country is likely to increase by 50 to 60 paise. Whereas if there is a decrease of 1 dollar, then petrol and diesel can decrease in the same proportion. In such a situation, the speed at which the price of crude oil has increased suddenly and it is feared that it will increase further due to the increasing war between Israel and Iran, there is little hope of relief on the prices of petrol and diesel in the festive season.
80% crude oil imported in India
If the report is to be believed, about 37 lakh barrels of crude are consumed daily in India and the country imports about 80 percent of crude oil to meet its consumption. Oil marketing companies decide on the basis of the price of crude oil, freight charge, refinery cost, how much petrol and diesel will be cheaper or how much it will be made expensive? Apart from this, excise duty, VAT and dealer commission also get added to its prices by the time it reaches the customer. It is clear that the local oil companies take the final decision on how much and when to change the prices of petrol and diesel.
Iran’s dominance in the crude sector
It is worth noting that Iran, which is a member of OPEC, dominates the crude sector. Its participation in the crude oil sector has increased the fears of disruption in the oil supply chain, because Iran supplies about one-third of the oil supply in the world. According to the report of Business Today, there are chances of the crisis increasing due to Iran’s missile attack and after this news, there was a sharp rise in the prices of crude oil.
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