New Delhi: As a result of Russia’s disruption in shipments of crude oil and gasoline, international oil prices have risen to levels not seen since the 2008 financial crisis, reducing supplies to the world.
Investors are afraid to invest in either the stock market or the bullion market. The rupee has hit an all-time low against the dollar due to the global record jump in crude oil prices. Simultaneously, oil prices have also risen.
According to Professor Sudhir Bisht, former executive of IndianOil, Russia sells 12% of the world’s crude oil and India ranks third in the world in terms of fuel imports. Consequently, an increase in the price of crude oil in India is almost probable. It is feared that the prices of petrol and diesel may touch the sky from tonight.
To deal with rising inflation, the central government may reduce excise duty on fuel and diesel by Rs 3 or Rs 4. Let us tell you that if the prices of petrol and diesel rise, then Europe will suffer because it is dependent on Russian oil, especially gas. Consequently, the price of petrol in India may increase from Rs 10 to Rs 16 per litre. Also, the price of diesel may increase by Rs 8 to 12 per liter.
Brent crude oil has reached $ 139 per barrel in the international market. Crude is at a nearly 14-year high. Crude oil prices have risen sharply due to limited global supplies and the threat of further shortages. As a result, crude oil prices will rise further in the coming months.
There has been no increase in the prices of petrol and diesel across the country in the last 120 days. However, crude oil prices have risen dramatically during this period, reaching their highest level in two months. The rupee slipped to 76.92 against the US dollar in early trade on Monday. After this the low of Rs 76.96 was broken.
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