New Delhi: Iran's escalating tensions would make an increase in motor and kitchen fuel prices inevitable after the polls, as international crude hit a six-month high of near $120 per barrel on Wednesday.
News agencies said prices jumped after Iran's Press TV reported a ban on exports to six EU countries over European sanctions against Tehran. The prices came down after Iran's oil ministry denied the report. For India, the crisis has two aspects —supply and price. India buys 12% of its oil from Iran. In case Iranian oil stops flowing—though FM Pranab Mukherjee recently said India could ill afford suchastep—alternativesupplies can be managed, though with some short-term difficulty.
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