On Friday, the price of crude oil in the international market crossed $ 94 per barrel. At the same time, WTI Crude is at $ 91 per barrel. This figure of crude oil price is the highest in 10 months.
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After the reduction in the prices of LPG cylinders before the assembly elections to be held in 5 states of the country and the Lok Sabha elections to be held next year, it was expected that the government will also reduce the prices of petrol and diesel during the election season. But now the exact opposite can also happen. This means that oil prices may increase instead of decreasing. Because once again the prices of crude oil have started touching the sky.
On Friday, the price of crude oil in the international market crossed $ 94 per barrel. At the same time, WTI Crude is at $ 91 per barrel. This figure of crude oil price is the highest in 10 months. If the price of crude oil continues to rise like this, then the public may face the shock of inflation in the coming festive season. Problems of common people may increase.
Why did the price of crude oil keep increasing?
In early September, Saudi Arabia and Russia had decided to cut crude oil production. Under this decision, both the countries will reduce the production of crude oil by 1.3 million barrels by December 2023. Saudi Arabia will again review whether to increase or decrease crude oil production next month. Like Saudi Arabia, now Russia is also reducing the production of crude oil. During this period, Russia has also decided to reduce crude oil exports by 3 lakh barrels per day. This is the reason why there is a rise in the prices of crude oil.
Will the prices of petrol and diesel increase?
Being a big importer of crude oil, India’s troubles may increase. India buys more than 85 percent of its crude oil needs from outside. India has to pay the price of imported crude oil in US dollars. In such a situation, due to increase in the price of crude oil and strengthening of the dollar, the prices of petrol and diesel are affected at the domestic level, an increase in prices is seen. Whenever the prices of crude oil increases in the international market, the prices of oil and petrol diesel also increase in the country. In such a situation, if the prices of crude oil continue to rise like this, then the prices of petrol and diesel may increase in the country.
When was crude oil all time high?
Earlier in the year 2022, there was a huge jump in the prices of crude oil in the international market. Amid the Russia-Ukraine war, the price of crude oil had reached the level of $139. After remaining around this level for a long time, the prices dropped and reached below $90. Crude oil all time high level is $ 147.27 per barrel. This level was touched in the month of July in the year 2008. Now once again its prices are seeing a rise.
This is how the price of oil is decided
The price of petrol diesel changes every day. Petrol and diesel prices change daily depending on what the crude prices are in the international market along with foreign exchange rates. Oil companies decide the price of petrol and diesel every day. Dealers are the people who run petrol pumps. They sell petrol to consumers at retail prices themselves after adding taxes and their own margins. This cost is also added to the petrol rate and diesel rate.
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