Even though the shadow of China's recession is hovering over the world, due to which the demand for crude oil may reduce. Even though the American Central Bank may again increase the interest rates and cause further fall in the prices of crude oil. But the sound of such a storm has started coming on the Gulf Coast of America, due to which all speculations can be scattered like straws. Yes, there has been a signal of a storm on the American Gulf Coast. Due to which there is a possibility of disruption of crude oil through the sea route.
For this reason, an increase in the prices of crude oil can be seen in the coming days. Which can have an impact on India's planning, which has been made regarding inflation. The effect of the storm will be visible in the oil prices in the world and the oil that India gets from the Gulf countries will become expensive. Import bill pressure will be seen on India and inflation will increase. Let's try to understand what are the prices of crude oil at present and what can happen in the coming days?
crude oil prices in international market
According to the Reuters report, the prices of crude oil have been seen stable on Monday. Concerns over further hike in US interest rates may dampen demand, but the possibility of supply disruptions from hurricanes off the US Gulf Coast may appear to support crude oil prices. If we talk about prices, Brent crude fell 6 cents to close at $ 84.42 a barrel, which has come down after touching a high level of more than $ 85 earlier in the day. US West Texas Intermediate crude was up 27 cents, or 0.3 per cent, at $80.10 a barrel. On Friday, crude oil fell for a second week in a row after Federal Reserve Chairman Jerome Powell said the US central bank may need to raise rates further to calm inflation.
Will the price go beyond $90?
The interruption in the supply of crude oil due to the storm of the American Gulf Coast can definitely work to increase the prices. According to experts, America supplies crude oil to other countries from this coast. If there is no supply, pressure will be seen in the Gulf countries and an increase in the prices of Brent crude oil will be seen. In such a situation, the prices of Brent crude oil are expected to cross $90 per barrel with the prices of American crude oil coming to $85 per barrel. Due to which the wish of the Gulf countries can be seen to be fulfilled, for which they have decided to cut the production.
Will India's plan fail?
As India is buying cheap oil from Russia. After the situation in Ukraine, Russia has become the biggest supplier to India at present, which was earlier the Gulf countries. But India is still taking supply of crude oil from Gulf countries and if the prices increase then India's problems may increase. The reason for this is also because India may be buying cheap crude oil from Russia, but the margin of discount is continuously decreasing. By the way, India has said that there is no problem till the price is below 90 dollars, but after that problems can be faced.
petrol and diesel price in india
On the other hand, no change has been seen in the price of petrol and diesel in India. The last change in the price of petrol and diesel in the metros 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 the prices by reducing or increasing VAT. The interesting thing is that ever since the daily change in the price of petrol and diesel started in the country according to the international market, this is the first time since then that petroleum companies have not made any changes during the record timeline.
Petrol and diesel price in major cities of the country
New Delhi: Petrol rate: Rs 96.72 per litre, Diesel rate: Rs 89.62 per liter
Kolkata: Petrol rate: Rs 106.03 per litre, Diesel rate: Rs 92.76 per liter
Mumbai: Petrol rate: Rs 106.31 per litre, Diesel rate: Rs 94.27 per liter
Chennai: Petrol rate: Rs 102.63 per litre, Diesel rate: Rs 94.24 per liter
Bengaluru: Petrol rate: Rs 101.94 per litre, Diesel rate: Rs 87.89 per liter
Chandigarh: Petrol rate: Rs 96.20 per litre, Diesel rate: Rs 84.26 per liter
Gurugram: Petrol rate: Rs 97.18 per litre, Diesel rate: Rs 90.05 per liter
Lucknow: Petrol rate: Rs 96.57 per litre, Diesel rate: Rs 89.76 per liter
Noida: Petrol rate: Rs 96.79 per litre, Diesel rate: Rs 89.96 per liter
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