This plan of US will make crude oil cheaper, Saudi Arabia and Iran are shocked!

There has been no change in the prices of petrol and diesel in the country from May 2022. Whereas in March 2022, the price of crude oil had reached $140 per barrel. At present the price of crude oil is around $90. If the price of crude oil goes beyond 100 dollars then the price of fuel in the country is certain to increase.

The Israeli attack on Gaza and Saudi Arabia and Iran's support for Palestine have escalated the Middle East into a major war. America has also stood in support of Israel. Due to which the prices of crude oil have increased. In such a situation, America has thrown such a card that both Saudi Arabia and Iran have been shocked. Earlier, America was talking about lifting the sanctions against Iran. Now the eyes of the US have come to Venezuela. Yes, American sanctions are there in this country too. Crude oil also has to be supplied. Because of which America has started the process of removing the ban from this country. Due to which the supply of crude oil in the world does not stop and the prices of petrol and diesel can be kept stable and inflation does not increase.

Due to this decision of America, the prices of crude oil have fallen by more than one dollar in the international market. India will also get relief. If the price of crude oil remains below $90, it will help in keeping the prices of petrol and diesel stable. The government and oil marketing companies will not have to increase the prices of petrol and diesel during the election season. There has been no change in the prices of petrol and diesel in the country from May 2022. Whereas in March 2022, the price of crude oil had reached $140 per barrel. At present the price of crude oil is around $90.

One dollar drop in crude oil price

On Monday, there was a decline of more than $ 1 per barrel in the price of crude oil in the international market. According to Reuters report, America and Venezuela may soon reach an agreement to ease restrictions on Venezuelan crude oil exports. Experts say that there is no threat to oil supply in the short term due to Israel-Hamas war. Brent crude futures closed at $89.65 per barrel, down $1.24 or 1.4 percent. US West Texas Intermediate crude (WTI) fell $1.03, or 1.2 per cent, to settle at $86.66 a barrel. Last week, Brent and WTI saw their highest rise of more than 7.5 percent since February due to fears of increasing conflict in the Middle East.

Will things be resolved by lifting sanctions from Venezuela?

Even though the US government is talking about removing oil sanctions from Venezuela, it may be approved in a few days. But the biggest question is whether it will be possible to lift sanctions from Venezuela? These questions arise because a lot of investment is needed to increase production in Venezuela. The machines are very old and broken. Venezuela does not have the infrastructure to meet the needs of the global market. Capital Economics economist William Jackson, speaking to Reuters, said that the US-Venezuela deal will help increase the country's oil production from lower levels. Jackson said that huge investment is required to bring oil production here to the level of 10 years ago and this will not have any significant impact on the losses in the global oil market in the near future.

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