OPEC, the world's largest oil producing group, can fail the planning of the Indian government. Yes, the Indian government is working on planning to make petrol and diesel cheaper before the elections. At the same time, more than 15 countries of the world have taken such a decision, which may increase the troubles of the Indian government.
In fact OPEC countries have decided to increase the production cut of crude oil in October as well. Because of which the prices of crude oil have risen again and the prices have reached close to $90. The crude oil of Gulf countries has gone up by about 5 percent in about a week. The price of American crude oil has also seen a rise of more than 7 percent during this period.
The Government of India has already said that until the crude oil in the world does not cross $90, there is nothing to worry about. At the same time, oil companies of India may also have to increase the prices as soon as it crosses $ 90. The Government of India has not made any change in the price of petrol and diesel since May 2022.
On the other hand, by reducing the prices of gas cylinders by Rs 200 after 30 months, the government has indicated that soon there will be relief in the prices of petrol and diesel. Recently, Union Minister Hardeep Singh Puri had also indicated this and asked the states to cut taxes. Let's first examine the condition of crude oil in the international market and try to understand how far the prices of crude oil can go?
OPEC's decision to cut production raised concerns
Saudi Arabia, which leads OPEC, has said to increase production cut by one million barrels in October as well. Experts say that this decision has been taken by Saudi Arabia to increase the prices. Which has got the support of the remaining 13 countries of OPEC. At the same time, this decision of Saudi Arabia has got support from Russia and other countries which are supporting OPEC from outside. Because of which the prices of crude oil have reached close to $ 90 per barrel. Russia's Deputy Prime Minister Alexander Novak has recently said that Russia, the world's second largest oil exporter, has already agreed with OPEC+ partners to cut oil exports next month.
Increase in crude oil prices
On the other hand, a tremendous rise has been seen in the prices of Ora crude oil. According to the data, the prices of Brent crude oil have reached $88.70 per barrel. Which is at the high of 7 months. This level was last seen in the last week of January. Brent crude oil has seen an increase of about 5 percent in the last one week.
Another increase in the prices of American crude oil has been seen. According to the data, the price of WTI has reached $ 85.81 per barrel. American oil has currently reached a high of about 10 months. In the last one week, there has been a rise of more than 7 percent in the prices of WTI. More increase can be seen in the coming days.
This production cut can shock India
On the other hand, this production can shock India. The reason for this is India's dependence on crude oil. Even though India is currently buying cheaper crude oil from Russia, Russia is also cutting exports. With increasing demand, Russian oil prices are also bound to increase and India may see further concessions on already shrinking margins. On the other hand, Saudi Arabia and other Gulf countries are one of the major suppliers of India, from which India has been taking crude oil for years. If the prices of Brent crude oil increases, India will suffer losses. The import bill will increase and India will have to increase the prices of petrol and diesel in the country. In such a situation, India is planning to reduce the prices of petrol and diesel before the assembly elections, it may fail.
What do the experts say?
According to Ajay Kedia, Commodity Expert and Director of Kedia Advisory, crude oil prices remain a matter of concern at present. China is also trying to get its economy out of recession. In such a situation, there will be an increase in demand for crude oil. On the other hand, the Fed will also apply the brakes for the last time by increasing the interest rates. This will also lead to fall in dollar index and rise in crude oil prices. The effect of which will be seen in those countries of the world which import more and more crude oil. He said that India is in a state of wait and watch regarding crude oil prices. Even after the prices cross $90, the government is not going to increase the prices of petrol and diesel. By the way, Brent crude oil can go beyond $ 95 per barrel in the coming days.
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.
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 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 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 liter, Diesel rate: Rs 89.76 per liter
Noida: Petrol rate: Rs 96.79 per liter, Diesel rate: Rs 89.96 per liter
No comments:
Post a Comment