Why global fuel prices are up, how India is impacted

Syllabus: General Studies Paper 3 Context: As the global recovery gains strength, the price of crude oil is nearing its highest level since 2018, while the price of natural gas and coal are hitting record highs amid an intensifying energy shortage. Reason behind the fuel price rise The price of Brent Crude breached the $85 per barrel mark, reaching its highest level since 2018 on the back of a sharp increase in global demand as the world economy recovers from the pandemic. Key oil producing countries have kept crude oil supplies on a gradually increasing production schedule despite a sharp increase in....Read More