Indian Prime Minister Narendra Modi on Sunday asked his fellow citizens and businesses to moderate their fuel consumption and reintroduce telecommuting to reduce demand for gasoline and diesel, in the context of the skyrocketing rise in global energy prices, which puts pressure on the country's foreign exchange reserves, reports Reuters, taken over by Agerpres.
Individuals and businesses should prioritize returning to work from home and online meetings, practices widely adopted during the peak of the COVID-19 pandemic, Modi said, saying all of these will benefit the nation.
Modi pointed out that the high prices of hydrocarbons on the world markets force India to conserve its foreign exchange reserves by limiting the consumption of petroleum products.
The global energy crisis sparked by the Persian Gulf war comes three months after the United States and India announced a trade deal that also saw the world's fifth largest economy stop buying Russian oil.
President Donald Trump said the US would cut reciprocal tariffs on India from 25 percent to 18 percent after Prime Minister Narendra Modi agreed to end purchases of Russian oil. Washington would also waive an additional 25 percent tariff imposed on India over its purchases of oil from Russia.
Trump announced the tariff surcharge last August, saying it was aimed at pressuring Russia into a peace deal with Ukraine by cutting off funding for its war machine.
