hear the news
hear the news
$2.1 increase for July
It is worth noting that the official selling price (OSP) of Arab Light Crude Oil for Asian countries for the month of July has been increased by $ 2.1 per barrel as compared to June. In view of the high demand for oil in the summer, Saudi Arabia has taken this decision in view of the rising prices of crude oil. This decision of Saudi Arabia has also dealt a big blow to India. This will affect India the most, as India imports a large amount of oil from Saudi Arabia. Analysts had already forecast a similar move by Saudi Arabia, but they expected crude oil prices to rise by around $1.5. And the increase that has been made is much more than this. In a poll on price hikes, one in six predicted a jump of more than two dollars.
Greater influence on India and China
Saudi Aramco, the world’s largest oil company, made this decision despite an agreement between OPEC+ countries to increase oil production by 648,000 barrels per day in July. This has increased the problems of Asian countries. Let us inform here that the increased crude oil prices for Asian countries will have the biggest impact on India and China. However, India and China are constantly buying Russian oil. Saudi Aramco raised crude oil prices on Sunday night. However, there was no change in the price of crude oil for the US.
Petrol and diesel may increase
The increase in the price of crude oil in the international market will have a direct impact on the price of petrol and diesel in the country. Let us tell you that after reducing the excise duty of the government, the oil prices in the country are stable, in such a situation, the oil companies will have to suffer a lot due to the increase in the prices of crude oil and to reduce the increasing deficit, put the burden on the people of the country on their behalf. Will go This burden will be reflected in the increase in the prices of petrol and diesel. Significantly, India is a major importer of crude oil and it buys more than 85 percent of its crude oil from outside. India has to pay the cost of imported crude oil in US dollars. In such a situation, due to the increase in the price of crude oil and the strengthening of the dollar, the prices of petrol and diesel are affected at the domestic level, that is, the fuel starts becoming expensive.
Crude oil affects like this
Let us tell you here that if the price of crude oil increases by one dollar at the international level, then the price of petrol and diesel in the country increases by 50 to 60 paise. In such a situation, due to reduced production and supply interruption, its price is sure to rise and it is expected that crude oil can again reach beyond $130 per barrel. Oil distribution companies fix the price of petrol and diesel daily keeping in mind the price of crude oil in the international market, exchange rate, tax, transportation cost of petrol and diesel and many other things. Till 2014, the task of fixing the prices was on the shoulders of the government and their prices changed every 15 days. But after June 2014, this work was handed over to the oil companies. Talking about the price of petrol and diesel, they were last changed before Diwali, since then their prices have remained stable.
The risk of rising inflation will increase
It is worth noting that retail inflation in the country has already remained at a high level. In such a situation, the rise in the prices of crude oil will prove to increase it further. Union Finance Minister Nirmala Sitharaman has also recently said that rising crude oil prices are going to be a big challenge. Actually, if crude oil becomes expensive, then it is going to fall on petrol-diesel and gas in the country. With the increase in the prices of petrol and diesel, the expenditure on freight will increase and inflation on everyday items including vegetables and fruits will increase, which will have a direct impact on your pocket.
Expansion
There is turmoil around the world regarding the prices of crude oil. The war between Russia and Ukraine affected supplies and its prices skyrocketed. After the start of this war, the price of crude oil had reached the level of $ 139 billion, but now it has decreased somewhat but still remains at the high level. Meanwhile, the step taken by Saudi Arabia has increased the problems of Asian countries. Actually, the world’s largest oil exporting country has increased the price of crude oil for Asian countries.
$2.1 increase for July
It is worth noting that the official selling price (OSP) of Arab Light Crude Oil for Asian countries for the month of July has been increased by $ 2.1 per barrel as compared to June. In view of the high demand for oil in the summer, Saudi Arabia has taken this decision in view of the rising prices of crude oil. This decision of Saudi Arabia has also dealt a big blow to India. This will affect India the most, as India imports a large amount of oil from Saudi Arabia. Analysts had already forecast a similar move by Saudi Arabia, but they expected crude oil prices to rise by around $1.5. And the increase that has been made is much more than this. In a poll on price hikes, one in six predicted a jump of more than two dollars.
Greater influence on India and China
Saudi Aramco, the world’s largest oil company, made this decision despite an agreement between OPEC+ countries to increase oil production by 648,000 barrels per day in July. This has increased the problems of Asian countries. Let us inform here that the increased crude oil prices for Asian countries will have the biggest impact on India and China. However, India and China are constantly buying Russian oil. Saudi Aramco raised crude oil prices on Sunday night. However, there was no change in the price of crude oil for the US.
Petrol and diesel may increase
The increase in the price of crude oil in the international market will have a direct impact on the price of petrol and diesel in the country. Let us tell you that after reducing the excise duty of the government, the oil prices in the country are stable, in such a situation, the oil companies will have to suffer a lot due to the increase in the prices of crude oil and to reduce the increasing deficit, put the burden on the people of the country on their behalf. Will go This burden will be reflected in the increase in the prices of petrol and diesel. Significantly, India is a major importer of crude oil and it buys more than 85 percent of its crude oil from outside. India has to pay the cost of imported crude oil in US dollars. In such a situation, due to the increase in the price of crude oil and the strengthening of the dollar, the prices of petrol and diesel are affected at the domestic level, that is, the fuel starts becoming expensive.
Crude oil affects like this
Let us tell you here that if the price of crude oil increases by one dollar at the international level, then the price of petrol and diesel in the country increases by 50 to 60 paise. In such a situation, due to reduced production and supply interruption, its price is sure to rise and it is expected that crude oil can again reach beyond $130 per barrel. Oil distribution companies fix the price of petrol and diesel daily keeping in mind the price of crude oil in the international market, exchange rate, tax, transportation cost of petrol and diesel and many other things. Till 2014, the task of fixing the prices was on the shoulders of the government and their prices changed every 15 days. But after June 2014, this work was handed over to the oil companies. Talking about the price of petrol and diesel, they were last changed before Diwali, since then their prices have remained stable.
The risk of rising inflation will increase
It is worth noting that retail inflation in the country has already remained at a high level. In such a situation, the rise in the prices of crude oil will prove to increase it further. Union Finance Minister Nirmala Sitharaman has also recently said that rising crude oil prices are going to be a big challenge. Actually, if crude oil becomes expensive, then it is going to fall on petrol-diesel and gas in the country. With the increase in the prices of petrol and diesel, the expenditure on freight will increase and inflation on everyday items including vegetables and fruits will increase, which will have a direct impact on your pocket.