New Delhi: Indian oil marketing companies (OMCs) on April 1 did not make any changes in petrol and diesel prices. This brought a big relief to the common people as the prices of petrol and diesel were witnessing a steady rise for the past few days. In the meantime, development has come to the fore, which can bring a lot of relief to the general public.

To control rising crude oil prices, the US has released oil from its emergency reserves. In the last few days, the prices of crude oil have seen a decline in the world. According to media reports, the US has announced to release of one million barrels of crude oil every day from its Strategic Petroleum Reserve for the next six months. Thus, the US will release about 180 million barrels of crude oil in the next three months.  

The US can impose tariffs on American energy companies that are avoiding releasing oil in the event of supply-related problems in the event of extraordinary earnings. Since Russia's attack on Ukraine, crude oil prices have been seeing a huge jump in the last one month. The reason for this is that due to the Recent Waves of Corona, the Russia-Ukraine War had created the possibility of deepening the crisis in the supply of crude oil. According to reports, crude oil prices are expected to continue to fluctuate until the Russia-Ukraine war continues. The rise in crude oil prices is adversely affecting the Indian economy. This is because India imports about 80 per cent of its oil requirement from other countries. In such a situation, India's import bill can increase due to the increase in the price of crude oil.

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