New Delhi. There has been a surge in the price of crude oil in the futures markets from abroad to India. Petrol, diesel and ATF used in planes are made from crude oil. Crude oil futures trading in India’s MCX has increased by 1.1 percent. It stood at Rs 6044 per barrel on the last trading day of last week. At the same time, the price of crude oil in Brent futures was 1.5 percent higher at $ 74.49 per barrel. WTI futures rose 1.8 percent to $ 71.29 a barrel. According to the data, there has been an increase of about 6 percent in crude oil futures trading from last Monday to Friday and a rise in the price of crude oil can be seen till the early months of 2025.
Investor concerns over the economy have increased due to the war between Russia and Ukraine, Israel’s standoff with Hamas, Iran and Hezbollah and the collapse of the Assad government in Syria following the conflict. It is being said that due to this concern of investors, a rise in the prices of crude oil is being seen. Iran was already banned from selling crude oil. After this, similar restrictions were imposed on Russia also. Due to this, there is also a possibility of decline in the supply of crude oil. Its effect is also being seen in the form of increase in the price of crude oil. If the price of crude oil does not fall, then the price of petrol, diesel and ATF may increase in India and if this happens, inflation will increase again.
The retail inflation rate in India in October 2024 was 6.21 percent. Whereas, the retail inflation rate declined in November and was recorded at 5.89 percent. India is currently taking maximum crude oil from Russia. India is buying 35 percent of its crude oil requirement from Russia. Whereas, earlier most of the crude oil was supplied to India by Iran and Saudi Arabia. India also buys crude oil from America. In such a situation, people in India are not yet paying high prices for petrol and diesel. Now the price of crude oil is increasing in the futures markets around the world. In such a situation, everyone’s eyes are on whether India now supplies more crude oil from Russia at a cheaper price or looks for some other way. Let us tell you that European countries have stopped buying crude oil from Russia. In such a situation, India is taking crude oil from Russia and making petrol, diesel and ATF and selling it to European countries.
