Following the US-Iran peace agreement and the re-opening of strait of hormuz, there is a strong expectation that the inflated prices of petroleum products within the country will be reduced.

With the opening of the strait of Hormuz the industry and business sectors are hoping for relief from soaring fuel prices. according to Rajendra Kapur president of all India motor and goods transport association petrol and diesel prices have surged by 7.50 per liter since the outbreak of the west Asia war crises. furthermore industrial diesel prices have spiked by more than INR 50.00/- per liter. similarly, CNG prices in Delhi/NCR region have increased by INR 6.00/- per kilogram. This increment has had a direct adverse impact on transport, trade, services, and almost every other sector. according to him transportation costs have risen up by up to 20% . The consumer is bearing the brunt of this via the inflation of everyday goods. Now that an agreement has been reached and the threat of attacks on vessels using the strait of Hormuz has largely subsided, it is expected that the hiked fuel prices will finally be brought down. He added that crude oil prices in the international markets have declined drastically and have already returned to pre-war levels.