In the month of September, there has been a rise of more than 6 percent in the price of crude oil. The price of Brent crude oil is at $92 per barrel. Whereas American oil prices have crossed $89 per barrel. In such a situation, questions have started being raised about getting cheap petrol and diesel in India. Let us also tell you how much rise is seen in the price of crude oil at present and what are the prices of petrol and diesel.
If you are thinking that cheaper petrol and diesel may be available in the coming days or you may see relief in the price of fuel. So put brakes on these possibilities of yours now. The price of crude oil has gained momentum in the international market cap. On Tuesday, there was a rise of more than 2 percent in the price of crude oil. Due to which the oil of Gulf countries has crossed 92 dollars per barrel. The price of American oil has also crossed $89 per barrel.
In the month of September, the price of crude oil has seen an increase of more than 6 percent. According to experts, supply is tight and there may be an increase in demand for crude oil in the coming days. Which may have a greater impact on the price of crude oil. It is expected that the price of crude oil may hit a century in the coming weeks. This means that the price of crude oil can cross $ 100 per barrel.
On the other hand, the price of crude oil has reached above the government's par level. A few weeks ago, the government had said that as long as the price of crude oil is below $90 per barrel in the international market, there is no need to worry. This means that the government had already set a limit for itself on this front. At present the prices have crossed $92 per barrel.
In such a situation, problems may start for oil companies. The profit margin of companies may reduce. If prices cross $95 per barrel, companies may start incurring losses. In such a situation, the hopes of reduction in the price of cheap petrol and diesel are continuously fading. Let us also tell you what is the current price of crude oil and what are the prices of petrol and diesel.
Increase in the price of crude oil
Due to tight supply of crude oil and the possibility of increase in demand from the world's big economies, there has been a rise of about 2 percent in the price of crude oil in the international market on Tuesday. Brent futures were up $1.42, or 1.6 percent, at $92.06 a barrel, while U.S. West Texas Intermediate crude was up $1.55, or 1.8 percent, at $88.84. However, during the trading session it also reached 89 dollars per barrel. The special thing is that there has been an increase of more than 6 percent in the prices of both in September.
Big revelation in OPEC report
In fact, the Organization of Petroleum Exporting Countries (OPEC) is adamant on its prediction of strong growth in global oil demand in 2023 and 2024. OPEC's monthly report estimates that global oil demand will increase by 2.25 million barrels per day (bpd) in 2024. Edward Moya, senior market analyst at data and analytics firm OANDA, said in his note that OPEC's monthly report shows that the oil market is going to be tighter than initially thought, after which crude oil prices rose. Is coming.
Keeping supply tight, Saudi Arabia and Russia last week jointly decided to extend a voluntary supply cut of 1.3 million bpd until December. On the other hand, OPEC member Libya closed four of its eastern oil export terminals due to the deadly storm, while OPEC+ member Kazakhstan reduced daily oil production for maintenance.
Shocking figures in EIA report
The US Energy Information Administration (EIA) has estimated that global oil production will increase from 99.9 million bpd in 2022 to 101.2 million bpd in 2023 and 102.9 million bpd in 2024. If we talk about demand, globally it was 99.2 million bpd in 2022, which will increase to 101.0 million bpd in 2023 and 102.3 million bpd in 2024. This compares with a record 100.5 million bpd of global oil production in 2018 and a record 100.8 million bpd of world liquids consumption in 2019, according to the EIA's Short-Term Energy Outlook. The EIA said it expects global oil reserves to decline by about half a million bpd in the second half of 2023, leading to higher oil prices with Brent averaging $93 a barrel in the fourth quarter.
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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