Everything failed in front of the 'stubbornness' of Saudi Arabia and Russia, crude oil became costlier by 8 percent. - Newztezz Online

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Monday, September 18, 2023

Everything failed in front of the 'stubbornness' of Saudi Arabia and Russia, crude oil became costlier by 8 percent.

In the month of September, there has been an increase of more than 8 percent in the price of crude oil from Gulf countries to American oil. The price of Brent crude has crossed $94 per barrel. WTI prices are beyond $ 91 per barrel. The question is whether petrol and diesel have become cheaper. Let us know.

The price of crude oil is continuously increasing in the international market. Crude oil prices have increased by more than 8 percent in the last few weeks. The impact of production cuts towards Saudi Arabia and Russia is clearly visible. The effect of the storm in Libya is also clearly visible in the price of crude oil. According to experts, the price of crude oil is likely to reach $100 per barrel in October. If experts are to be believed, looking at the current situation, it is clear that the prices of crude oil are not going to reduce in the coming months. US Strategic Reserve is at a 50 year low. At the same time, OPEC Plus is not ready to increase production. Predictions are even being made that OPEC Plus may extend its cuts till March 2024. After which the prices may exceed $ 120 per barrel.

On the other hand, India's troubles have started increasing. For the last two weeks, the price of crude oil i.e. Brent crude oil has remained more than $ 90 per barrel. In such a situation, the profits of oil marketing companies are likely to reduce in the coming days. Due to which the chances of reduction in the prices of petrol and diesel seem to be decreasing. According to the data, the last change in the prices of petrol and diesel in all four metros of the country was seen in May 2022. On May 21, the Central Government had reduced the excise duty. The last time a decline in the prices of petrol and diesel was seen in April 2022. In such a situation, speculations are being made that in the coming days, common people may have to wait a long time for cheaper prices of petrol and diesel.

Crude oil crosses 94 dollars

The price of crude oil in the international market has crossed $94 per barrel. Talking about the data, the price of Brent crude oil is trading at $ 94.20 per barrel with an increase of 0.29 percent. In the month of September, an increase of 8.26 percent has been seen in the price of Brent crude oil. On the other hand, an increase of 0.41 percent has been seen in the price of WTI and the price has come to $ 91.14 per barrel. In the month of September itself, the price of WTI has increased by about 9 percent.

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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