A few days ago, the supply of crude oil was disrupted in America due to the storm and later Russia and Saudi Arabia extended their production cut till December. The effect of which was visible on the prices of crude oil in the international market and the price reached a high of 10 months. Now another storm can increase the prices of crude oil.
This storm has come in eastern Libya. Due to which four ports supplying crude oil have been closed. If experts are to be believed, crude oil prices may cross $95 per barrel. At the same time, many existing factors are also at work. Which have been discussed earlier. In such a situation, the troubles of common people are going to increase in the coming days.
India is dependent on crude oil imports. It imports 85 percent of the oil it needs. Buying expensive crude oil is becoming a compulsion for India. On one hand, the margin of Russian oil is decreasing. At the same time, the oil prices of Gulf countries are increasing. The kind of planning done by the Government of India to reduce the prices of petrol and diesel may prove ineffective.
There has been no change in the prices of petrol and diesel after May 2022. The last time there was any change in the prices of petrol and diesel by oil marketing companies in April 2022 and that was in the form of inflation. Meaning the price of fuel was increased by 80 paise per liter. Let us also tell you what are the prices of crude oil at present and for how much do we have to buy petrol and diesel?
Crude oil crosses 90 dollars
There was no significant change in the prices of crude oil in the international market on Monday. After the production cut of Saudi and Russian crude oil, the price of crude oil remained above $ 90 per barrel for the first time in 10 months, which is still intact. On Monday, Brent crude closed down 1 cent at $90.64 per barrel, while US West Texas Intermediate crude closed down 22 cents at $87.29. Saudi Arabia and Russia announced last week that they would continue voluntary supply cuts of a combined 1.3 million barrels per day (bpd) until the end of the year. The supply cut has reduced the ongoing concern over Chinese economic activity. On Monday, US Deputy Treasury Secretary Wally Adeyemo said China's economic problems are more likely to have a local impact than to impact the United States.
Impact of storm in Libya
On the other hand, a decline in US crude oil reserves is expected. Which can support the prices of crude oil. According to a Reuters survey released on Monday, US crude oil inventories are expected to decline by about 2 million barrels for the fifth consecutive week. According to Reuters report, there may be disruption in the supply of crude oil due to powerful storm and floods in eastern Libya. In this storm in which more than 2,000 people have died. Due to this storm, four major oil export ports Ras Lanuf, Zuitina, Brega and Es Sidra had to be closed since Saturday.
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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