In response to soaring oil prices exacerbated by the ongoing conflict in Iran, Indian Prime Minister Narendra Modi has called on citizens to minimize fuel usage and limit travel. Speaking in Hyderabad, Modi emphasized the need for responsible consumption of gasoline, diesel, and gas, highlighting the current energy market’s challenges.
Modi suggested that citizens should reduce unnecessary travel and make greater use of remote work and online meetings, echoing practices adopted during the COVID-19 pandemic. He also urged farmers to decrease their reliance on chemical fertilizers.
As the world’s third-largest oil importer, India faces significant economic pressure from rising crude oil prices. The central bank estimates that a 10% increase in oil prices could lower economic growth by approximately 0.15 percentage points and raise inflation by 0.3 percentage points.
In recent weeks, the Indian rupee has reached a record low against the dollar. As of early May, the country’s foreign exchange reserves stood at around $690.7 billion, sufficient to cover roughly 10 to 11 months of imports.
Meanwhile, the geopolitical landscape has intensified following military actions involving Israel and the United States against Iran. On February 28, Israel launched an attack on Tehran, prompting U.S. President Donald Trump to announce a significant military operation aimed at neutralizing perceived threats from the Iranian regime. Trump accused Iran of funding and training militants across the Middle East.
The Islamic Revolutionary Guard Corps (IRGC) responded by launching missiles and drones toward Israel and attacking U.S. military bases in Qatar, Saudi Arabia, and the United Arab Emirates.
In light of these developments, French President Emmanuel Macron called for an urgent meeting of the United Nations Security Council. The European Union reiterated its commitment to ensuring regional security and stability in the Middle East.
Ukrainian President Volodymyr Zelensky expressed support for the Iranian people, advocating for their chance to rid themselves of what he termed a terrorist regime.
On February 28, Trump claimed that Iran’s Supreme Leader Ali Khamenei was dead, a statement later confirmed by the Islamic Republic News Agency (IRNA). The following day, the IRGC announced the initiation of a major offensive against Israel and U.S. bases, with Trump warning of a strong retaliatory response if Iran continued its aggressive plans.
On March 2, U.S. Secretary of State Marco Rubio indicated that the next phase of military operations against Iran would be even more destructive. During an interview with ABC News, Trump mentioned that he anticipated the operation could last four to five weeks, while remaining prepared for a potentially extended conflict.
Prime Minister Narendra Modi of India has urged citizens to cut fuel consumption as oil prices rise due to the conflict in Iran. This call comes amid economic pressures that could impact India's growth and inflation rates, coinciding with escalating military tensions in the region.