Due to the expensive crude oil in the international market, the price of petrol and diesel is increasing continuously at the domestic level. This increase may continue in May as well. The reason for this is that the country’s two major oil marketing companies will buy less crude oil from Saudi’s Aramco.
CNG prices again today, an increase of more than Rs 9 in the last 6 days
According to a Reuters report, Saudi Aramco has recently increased crude oil prices for Asia. Due to this, crude oil has reached record high levels in various regions of Asia. In view of this, Indian refinery companies have decided to buy less oil than normal in May. However, Indian companies will buy a certain amount of crude oil under the agreement.
Government looking for alternatives to cheap crude oil
The Finance Ministry said on Thursday that the central government is exploring all possible options to buy cheaper crude oil. The Finance Ministry has said in the Monthly Economic Review Report that for this, the modalities of imports can also be changed.
Economic development is possible due to expensive crude oil
A high government official said on Thursday that expensive crude oil could hit economic growth. If crude oil prices remain in the range of $110 to 120$ for a month, there will be a sharp rise in inflation, the official said.
This will affect economic development. The official said that India is dependent on imported coal for power generation. Coal prices have increased by 196 per cent on an annual basis. In such a situation, due to the cost of electricity, the price of most of the products will increase.
Crude oil found expensive by $ 19.33 in February-March:
The government has said that in February and March, India has bought expensive crude oil on an average of $ 19.33 per barrel. According to the government, the price of crude oil purchased by India rose to $ 113.40 per barrel in March from $ 94.07 in February.