Energy crisis annoys not only India but countries all over the world

- High energy and fuel shortages in many countries have led to the closure of industries, factories.

In India, the prices of electricity including cooking gas, petrol-diesel, CNG-PNG, coal have skyrocketed. This is the situation not only in India but in most of the countries of the world. This is because the rising prices of fuel and energy sources in the global market have affected all countries to a lesser extent. The massive rise in fuel-energy prices has put ordinary people in big trouble. Coal, natural gas and crude oil prices are at record highs in Asia, Europe and the Americas. As people around the world face rising inflation, many countries are facing the crisis of closing down industries, factories due to high energy and fuel prices and shortages.

The average price of natural gas in the world has risen by almost 20% since January 2021, but the biggest increase in gas prices has been in European countries. In Europe, gas prices have tripled in October compared to January. In Spain, energy prices have tripled. Excessive price increases are likely to make the next cold season in Europe freezing. Fuel prices have also risen in Asian countries. Amid the energy crisis, the world's daily demand for crude oil could rise from the current 2.5 million barrels to 7.5 million barrels, resulting in skyrocketing oil prices.

Gas prices rise by 300% in Britain

Gas prices in Britain have risen by 200 per cent in the second week of October compared to January due to the energy and power crisis. In January, a unit of gas cost 50 pence, but now it costs 200 pence. The price of petrol has gone up to 12.5 pence per liter.

Impact: Rising fuel prices have led some analysts in Britain to speculate that some companies may close. The cost of a family of four in Britain will rise by ૮ 1,200 by December. According to a research, food items in supermarkets will go up by 5%.

Gas cylinder crosses Rs 500 in Sri Lanka

In Sri Lanka, the price of a cylinder of cooking gas weighing 12.5 kg has doubled. The price of a cylinder of cooking gas has gone up to Rs 5 on October 11 following the government's announcement to end the price limit for essential items.

Impact: Due to rising fuel prices and other reasons, prices of essential commodities like milk in Sri Lanka have reached Rs 1,200 per liter. People have expressed displeasure on social media with demands to withdraw the price hike.

In Pakistan, LPG price has gone up by 40 per cent

In Pakistan, the price of cooking gas has gone up by 30 per cent from April 30 to August. At present, the price of a 11.5 kg cooking gas cylinder in Pakistan has jumped to Rs 2,000. In Pakistan, the price of petrol has gone up by Rs 12 per liter, high-speed diesel by Rs 12 and kerosene by Rs 3 per liter.

Impact: Inflation in Pakistan is so high that wheat prices have risen to Rs 50 per kg this year. Instead of tackling the problem of inflation, the Pakistani government is advising people to drink low-sugar tea and eat less wheat bread.

The price of coal in China is Rs 5 per tonne

On the Zhengzhou Commodity Exchange, the price of coal has gone up to Rs 4.5 per tonne. Many factories and plants are facing energy shortages due to severe shortage of coal and prices reaching historic highs. Power cuts have been imposed in many places in China in the wake of the energy crisis. The closure of more than 50 coal mines due to heavy rains and the crisis of coal shortages have increased the demand for gas and crude oil, which has resulted in higher energy prices.

Impact - Many other companies in China, including food processing, such as soybean oil plants, have been told to shut down. Ordinary people in many provinces of China have been appealed not to use AC. The steel, cement, aluminum, fertilizer and textile industries have been told to reduce production. Rising gas and oil prices are affecting everything from agriculture to industrial products. Rising prices of essential commodities in China have pushed inflation to a 15-year high.

America is also in an energy crisis

The price of crude oil broke a seven-and-a-half year record in the US last Tuesday. The price of crude oil had jumped to 4 a barrel and is now forecast to touch ૯ 50 in the coming days.

Impact: The United States is having a hard time with the skyrocketing fuel prices. Inflation is projected to be around 7.5 per cent in September, compared to 7.5 per cent in the previous year. According to the National Federation of Independent Business, 3% of small businesses in the United States have said they will raise prices soon. It is claimed that inflation in the US will break the record of the last seven years by next year.

The fuel-energy crisis could pose a major problem at a time when the world's economies are recovering at a slower pace, two years after the deadly Covid-12 epidemic.