During the war with Ukraine, Russia has taken a decision which has begun to avert a major disaster for the world. Yes, this problem is none other than inflation. Russia has withdrawn the restrictions related to fuel export. After which the supply of Russian fuel will increase in the world market and the prices of crude oil will reduce slightly. However, its effect has been seen on the oil of American and Gulf countries. American oil has fallen below $90.
Whereas Brent crude oil is still marginally higher than $93. However, Russia's production cut will continue. Experts say that the dollar index is rising due to the Fed's statement that interest rates may remain high. Due to which demand may remain low from those countries which buy crude oil by paying dollars.
On the other hand, there has been an immediate decline in the prices of crude oil and the prices of crude oil may come down in the coming days. Now the biggest question is whether the prices of petrol and diesel will reduce in the coming days. This question is also very important because there has been no change in the price of fuel since May 2022.
On the other hand, elections are also near in the country. After the relief of Rs 200 in the price of gas cylinder, the expectations of the common people have increased a lot. Common people believe that oil companies will either reduce the prices of petrol and diesel or the central government will provide relief to the common people by cutting taxes. Let us also tell you what the price of crude oil has become at present.
Fall in crude oil price
Oil prices remained almost flat in volatile trade on Monday. By the way, American oil has fallen below $90 per barrel. In fact, Russia has relaxed its fuel export ban. Also, investors are eyeing higher interest rates which can put a brake on demand. Brent crude futures are currently trading 14 cents lower at $93.15 per barrel. On the other hand, US West Texas Intermediate crude fell 35 cents to close at $89.68 on Monday. At present, an increase of 6 cents is being seen in it.
Crude oil prices fell last week after the Federal Reserve shook global financial markets and raised concerns that interest rates could remain high for a long time, reducing demand for oil. The production cut by Saudi Arabia and Russia was extended till the end of the year and after that the prices of crude oil have increased by 10 percent. Now there is a slight break in it.
Relief from Russia's decision
Speaking to Reuters, Andrew Lippo, president of Lippo Oil Associates, said the market is still struggling with the Fed keeping interest rates high for the long term, which could significantly impact demand. Russia has approved changes to its fuel imports, lifting restrictions on high-sulphur content diesel and fuel used as bunkering for some ships, Reuters reports. The export ban on all types of gasoline and high quality diesel announced last Thursday will remain the same. Last week, Moscow imposed a temporary ban on gasoline and diesel exports to most countries to stabilize the domestic market, raising supply concerns with the onset of winter in the Northern Hemisphere.
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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