Crude oil crosses 95 dollars, will the government make petrol and diesel cheaper? - Newztezz Online

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Tuesday, September 19, 2023

Crude oil crosses 95 dollars, will the government make petrol and diesel cheaper?

The US Energy Information Administration said in a monthly report that crude oil production in October is expected to fall to the lowest level since May 2023. On the other hand, Saudi Arabia and Russia have jointly extended the supply cut of 1.3 million barrels per day (bpd) this month till the end of the year.

Crude oil prices are rising at rocket speed. On Monday, the price of crude oil in the international market had crossed $95. Even at present, the price of crude oil is very close to $ 95 per barrel. In fact, apart from the production cuts being made by Saudi Arabia and Russia, the prices are increasing due to decrease in production in American shale and increase in demand from China. Production in America has declined for the third consecutive month. Production is expected to peak after May. On the other hand, after Bank of America, Citibank has warned that crude oil prices may cross $ 100 per barrel this year.

If we talk about India, the prices of crude oil are increasing. The heartbeats of oil marketing companies are increasing. There is a reason for that too. While the government is planning to make petrol and diesel cheaper from the month of November, on the other hand, from the month of November, Indian oil companies are being estimated to incur losses per liter of petrol and diesel due to rising crude oil prices. In such a situation, this can be a big blow for the government and the common people. There has been no change in the prices of petrol and diesel in the country since May 2022. At that time the central government had reduced the excise duty on petrol and diesel. Due to which there was a decrease in the price of fuel. Let us also tell you what are the prices of crude oil at present.

Crude oil around $95

Talking about Brent crude oil, on Monday the price of crude oil increased by 50 cents and closed at $ 94.43 per barrel. However, at present the price of crude oil is trading at $94.74 per barrel. However, on Monday the price of crude oil is said to cross $95 per barrel. US West Texas Intermediate crude futures rose 71 cents to $91.48. On the other hand, at the time of writing the news, the price of WTI is trading at $ 92.46 per barrel with an increase of 1.07 percent. In the month of September, the price of American crude oil has seen an increase of 10 percent.

Why did crude oil rise by more than one percent?

In fact, oil production is projected to decline for the third consecutive month in October. The US Energy Information Administration said in a monthly report that crude oil production in October is expected to fall to the lowest level since May 2023. On the other hand, Saudi Arabia and Russia have jointly extended the supply cut of 1.3 million barrels per day (bpd) this month till the end of the year. Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman on Monday defended OPEC+'s oil market supply cuts, saying international energy markets need lighter regulation to limit volatility and tackle inflation. Also warned of uncertainty about demand from China, European growth and central bank action.

Petrol and diesel price in India

On the other hand, there has been no change in the prices of petrol and diesel in India. The last change in the prices of petrol and diesel in the metropolitan cities of the country was seen on May 21. At that time, the country's Finance Minister Nirmala Sitharaman had reduced the tax on the price of petrol and diesel. After that some states tried to influence prices by reducing or increasing VAT. The interesting thing is that ever since the prices of petrol and diesel started changing daily in the country as per the international market, this is the first time that petroleum companies have not made any changes during the record timeline.

Price of petrol and diesel in major cities of the country

New Delhi: Petrol rate: Rs 96.72 per liter, Diesel rate: Rs 89.62 per liter

Kolkata: Petrol rate: Rs 106.03 per liter, Diesel rate: Rs 92.76 per liter

Mumbai: Petrol rate: Rs 106.31 per liter, Diesel rate: Rs 94.27 per liter

Chennai: Petrol rate: Rs 102.63 per liter, Diesel rate: Rs 94.24 per liter

Bengaluru: Petrol rate: Rs 101.94 per liter, Diesel rate: Rs 87.89 per liter

Chandigarh: Petrol rate: Rs 96.20 per liter, Diesel rate: Rs 84.26 per liter

Gurugram: Petrol rate: Rs 97.18 per liter, Diesel rate: Rs 90.05 per liter

Lucknow: Petrol rate: Rs 96.57 per liter, Diesel rate: Rs 89.76 per liter

Noida: Petrol rate: Rs 96.79 per liter, Diesel rate: Rs 89.96 per liter

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