Publish Date: | Wed, 02 Mar 2022 10:01 PM (IST)
Crude Oil Price Hike: The impact of the war between Russia and Ukraine is now going to affect the pockets of Indians as well. In the international market, the price of crude oil has crossed $ 113 per barrel. This is the highest level of crude oil since June 2014. For the past two months, the prices of crude oil have been continuously increasing. On December 1, 2021, the price of crude oil was $ 68.87 per barrel, which has now crossed $ 113 per barrel. In 2022, the price of crude oil has increased by more than 40 percent. India is going to suffer more from this rising price, because our country imports 80 percent of its crude oil requirement.
Crude oil will be more expensive
The problem is that according to international research agencies, the price of crude oil is expected to increase further. Goldman Sachs has predicted its price to reach $ 115 per barrel, and JP Morgan to reach $ 125 to 150 per barrel. The longer the war between Russia and Ukraine lasts, the higher the oil prices.
Petrol and diesel prices will increase next week
Due to the election environment in India, there has been no change in the prices of petrol and diesel after November 4, 2021. But it is being estimated that as soon as the voting for the ongoing assembly elections in five states is over on March 7, there will be a huge jump in the prices of petrol and diesel. It is believed that government oil companies are not making any changes in the prices of petrol and diesel, despite the tremendous increase in the prices of crude oil due to the elections. But after March 7, the government will give the green signal to the oil companies to increase the prices of petrol and diesel and after that their prices will be on fire. It is estimated that oil companies may increase the price of petrol and diesel by up to Rs 9 per liter to achieve normal margin.
Posted By: Shailendra Kumar