Cost of Living LIVE Updates Jan 04: Fuel prices steady. Check petrol and diesel prices in your city here
Cost of Living LIVE Updates January 04: The cost of living is the amount of money one needs to survive in a given place – and one's most essential needs such as food, water, housing, taxes, cost of commute, healthcare, etc. The high rate of inflation has pushed up the cost of living across the globe, burning a hole in the common man's pocket.
Since the Russia-Ukraine war broke out, the cost of raw materials and commodities has gone up. This has increased India's payments outgo for oil, gold, and other commodities.Oil Minister Hardeep Singh Puri on Wednesday said 12 per cent of the global shipping traffic, 18 per cent of oil and 4-8 per cent of LNG trade goes through the Red Sea and the Suez Canal."God forbid, if there is further challenge or there is a disruption, you see an impact," he said.International oil prices rebounded in the aftermath of the attack on ships in the Red Sea.
The rates have however eased in subsequent days."In a highly volatile situation, our primary responsibility is to ensure availability and affordability," Puri said. "We are navigating this very carefully."He said oil companies don't ask the government about price revisions."Pray to god that there is no turbulence, things are normal," he added.
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