IEA advocates work from home, reduced air travel to tackle oil shock

NEW DELHI: (Mar 20) The International Energy Agency (IEA) has advocated a set of immediate demand-side measures, including work-from-home, lower speed limits, and reduced air travel to cushion the impact of a historic global oil supply shock triggered by disruptions in the Middle East.

Oil prices spiked to over USD 100 per barrel after the US and Israel attacked Iran and Tehran's sweeping retaliatory actions. For India, which imports about 88 per cent of its crude oil needs, the surge in global prices poses a significant macroeconomic risk -- widening the current account deficit, pressuring the rupee, and increasing fuel costs for households and businesses.

While petrol and diesel prices have so far not been increased, cooking gas LPG rates have been hiked by Rs 60 per cylinder.