00:00As we discussed earlier this week, that there were several austerity measures floated by Indian Prime Minister Narendra Modi in
00:07his unofficial address in the southern city of Hyderabad.
00:10And then it was a signal that the new revisions for prices of fuel will be discussed.
00:19And within five days, we have seen that the prices of fuel, the petrol and diesel have been raised here
00:25in India for the first time in four years.
00:27It is also for the first time since the beginning of the U.S.-Israeli war against Iran that India has
00:32raised prices at the fuel pumps.
00:35The price has been raised by Indian 3 rupees per litre or $0.03.
00:41While this is a modest price hike, analysts say that it leaves plenty of room to further revise these prices
00:50to compensate for the loss of revenue in between these couple of months.
00:57We have seen that Indian Prime Minister Narendra Modi, he is in the UAE today.
01:02He went to the UAE today as part of his Five Nations tour.
01:06He also went on to talk about Strait of Hormuz.
01:09He said that free, open Strait of Hormuz is India's highest priority.
01:16And following his austerity measures, we have seen that Prime Minister is actually sort of walking the talk.
01:23He has reduced his convoy and following his example, several ministers in several states have also started implementing several measures.
01:35Some have started encouraging people to use electric vehicles.
01:40There is a significant momentum to reintroduce the work from home settings, which he talked about.
01:47So it goes to show that this price hike and the conflict in the Middle East is having, again, a
01:55significant effect on South Asia.
01:57And India is finally making some changes.
01:59We have also heard from opposition that Rahul Gandhi, the leader of opposition, he said that this is, again, a
02:07mistake by the Modi's government and the population, the India's civilians are paying the price for it.
02:16So this is what the latest line is that we have seen there is a major price hike and it
02:22leaves room for further price revision for petrol and diesel prices.
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