Explainer: Signal received from across the seven seas, petrol and diesel will not be cheap! - Newztezz - Latest News Today, Breaking News, Top News Headlines, Latest Sports News

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Thursday, September 14, 2023

Explainer: Signal received from across the seven seas, petrol and diesel will not be cheap!

The price of crude oil is beyond $92 per barrel. At the same time, the prediction of 100 dollars per barrel by Bank of America has increased India's panic. Now the biggest question has arisen, will the prices of petrol and diesel reduce in the coming months?

According to indications received from America, the price of crude oil may cross $100 per barrel before the end of the current year. This signal is an alarm bell for India and those countries which import more than 80 percent of the oil for their needs. This means clearly that there is no possibility of petrol and diesel prices coming down in the coming months. On the other hand, OPEC countries continue to control the supply. Production from Saudi Arabia and Russia will continue at the end of the year. It is possible that it can be extended till March next year also.

In view of inflation, America has requested oil producing countries to stabilize the supply. So that the level of inflation can be reduced. Because due to rising prices of gasoline, there is a continuous increase in the inflation graph at the international level. The impact of which can be seen on India and other developing countries in the coming days.

Let us tell you that the government of the country had last reduced the prices of petrol and diesel by reducing taxes in May 2022. At the same time, there has been no change in the price of fuel from the oil marketing companies for a long time. Let us also tell you what the price of crude oil has become at present and how much money will have to be paid for petrol and diesel.

First know the price of crude oil

Crude oil prices in the international market have crossed $92 per barrel. According to Bloomberg Commodities data, Brent crude oil has increased by 0.37 percent to $ 92.22 per kg. In the month of September, the price of Brent crude oil has seen an increase of more than 6 percent. On the other hand, American crude oil i.e. WTI is trading at $ 88.85 per barrel with an increase of 0.37 percent. In fact, due to increase in inventories last week, crude oil has fallen marginally below $ 89 per barrel. However, this month the price of crude oil has become costlier by about 6.50 percent.

Crude oil will score a century before the end of the year

Bank of America analysts said that due to continued supply cuts, Brent futures could rise above $ 100 per barrel before the end of the year. The Bureau of Labor Statistics said US consumer prices rose by the most in more than a year in August, led by a 10.6 percent increase in retail gasoline prices. Excluding the volatile food and energy components, the consumer price index has seen an increase of 0.3 percent. Jared Bernstein, head of the White House Council of Economic Advisers, said on Wednesday that the US Energy Department has talked to oil producers and refiners to ensure stable fuel supplies at a time of rising gasoline prices.

Will petrol and diesel become cheaper in India?

Now the biggest question is whether petrol and diesel will be cheaper in the country? According to Ajay Kedia, Director of Kedia Advisors, there is a continuous increase in the price of crude oil. For almost a week, the price of Brent has been more than $90, which is not good for India. Unless the price of crude oil falls below $90, the prices of petrol and diesel will not come down. He further said that if these prices go above $100 per barrel then an increase in prices may be seen. The chances of which seem to be less because assembly elections are going to be held in five states of the country in the coming few months.


Since when are the prices of petrol and diesel stable?

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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