Publish Date: | Mon, 07 Mar 2022 07:51 AM (IST)
Petrol Diesel Price today: Even though the war is going on between Russia and Ukraine, but the echo of the blasts is being heard all over the world, even India. The news is that crude oil has reached $130 per barrel for the first time in 14 years. Petrol and diesel are expected to be costlier. It is being said that the prices of petrol and diesel can be increased as soon as the assembly elections of five states are over. This increase can be up to Rs 12 per litre. If this happens then it will be a big burden on the pocket of common man.
Oil prices hit their highest level since 2008 due to a delay in a possible return of Iranian crude to global markets. The United States and European allies are considering imposing sanctions on imports of Russian oil. Crude is getting even more expensive.
It is being said that state-owned oil companies will revise the current prices on or after March 7. The last phase of voting is being held in UP only on Monday, March 7. However, the effect on the prices of petrol and diesel may be reduced to some extent by the reduction in excise duty, but not completely. At present, India imports 85 per cent of its crude oil requirement. In addition, the cascading effect of higher fuel costs will trigger a general inflation.
Raw material became expensive due to rising crude price
Rising crude oil prices have made raw materials expensive for the steel industry. Commenting on the ongoing Russia-Ukraine conflict, Jindal Steel and Power Limited (JSPL) Managing Director VR Sharma said, “It is a very unfortunate situation. Some oil companies are taking advantage of the situation, governments around the world can control prices, because everything runs on energy and it is necessary to keep energy prices under control. He said that as oil prices are rising, freight rates are also moving upwards, which is affecting the cost of raw materials.
Posted By: Arvind Dubey