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Crude Oil Price: Petrol and Diesel May Be Costly in India, OPEC Hints

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New Delhi. There may be an increase in the prices of petrol and diesel in the coming days in India. The reason for this is the rise in the price of crude oil. In fact, oil prices rose on Wednesday due to the decline in crude oil reserves in the US last week. In the international market, benchmark crude oil Brent crude rose over 5 per cent to above $ 66 a barrel. On the other hand, crude oil surged by more than four per cent on the domestic futures market MCX. Let us also tell you what kind of estimates have been made by OPEC and IEA.

US oil reserves shortage
According to the Energy Information Administration report, crude oil reserves in the US decreased by 5.9 million barrels in the week ending April 9. The report said that there could be an increase in oil demand. Due to which the price can be seen more sharply. According to foreign media reports, OPEC Plus and US production may increase from the month of May. On the other hand, supply from Iran may increase. The United States has recently lifted all kinds of sanctions on Iran.

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Corona is also afraid
According to foreign media reports, the global recovery from the Kovid 19 epidemic appears uneven. US and China are seeing higher rates of fuel consumption. On the other hand, there is a partial lockdown between record virus cases and vaccine shortages in India. The infection is more visible in South Korea and Japan. In such a situation, there may be some impact in both oil production and demand.

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How much is the price today
Currently, Brent crude’s June delivery contract on the international futures market Intercontinental Exchange (ICE) is trading at $ 66.61 a barrel. On Wednesday, it was trading at $ 66.27 per barrel with a gain of 5 per cent. Whereas WTI’s May delivery contract on the New York Mercantile Exchange (Nymax) was at $ 63.10 a barrel. While yesterday was trading at $ 62.81 per barrel with a gain of 4.37 percent.

What will be the effect on India
If we talk about the impact on India, then the increase in the price of crude oil has increased the expectation of an increase in the price of petrol and diesel. India imports 80 per cent of the oil it needs for petrol and diesel. Crude oil accounts for the maximum share of India’s total import bill. Whenever there is an increase in the price of crude oil, its effect is seen in the price of petrol and diesel in India.

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