International crude oil prices are continuing to rise steadily. Even after Russia’s attack on Ukraine, crude oil crossed the $100 per barrel mark for the first time since 2014, but the boil has not abated. Despite the rise in crude oil prices, many countries turned to strategic reserves to avoid this.
On Wednesday, Brent crude crossed the 110-dollar mark on the global market. Due to this, it is about to be decided to increase the price of diesel and petrol in India. According to the figures, it’s possible that petrol prices could rise by more than Rs 30 per liter in the next few days.
Oil became so expensive in 3 months
Recent days have seen a significant increase in Crude Oil Prices due to the Ukraine Crisis. The price of crude oil was around $ 70 per barrel on 02 December 2021, but it has now crossed $ 110. As of December 2, Delhi’s diesel and petrol prices remain unchanged. The Delhi government decreased the VAT on petrol and diesel on December 1. Diesel and petrol prices in Delhi have not changed since then. There has been a 57 percent increase in the price of crude oil since then. On the domestic market, the price of gasoline and diesel remains the same.
The government will again take any measures
According to the high price of crude oil since December, if the government oil companies increase the price of petrol by the same amount, soon it may increase by more than Rs 30. On December 2nd, Delhi’s petrol price was 95.41 rupees. When the government cut excise in November, crude oil was trading for around $82 per barrel. The price of crude oil has risen about 35 percent since November. Accordingly, if the fuel companies increase the price of diesel and petrol, then soon their retail prices can set a new record.
JP Morgan anticipates a rise in diesel-petrol prices
According to a recent report by brokerage firm JP Morgan, oil companies do not plan to raise diesel and petrol prices that much. According to the report, the assembly elections in five states will be completed by next week. Diesel-petrol prices can be increased every day after this.
According to JP Morgan, government oil companies are currently losing Rs 5.7 per liter on diesel and gasoline. Over the past month, crude oil prices have increased by over 5 percent. To compensate for the loss, the government oil companies should increase the price of diesel petrol by 9-10 rupees.