After Russia’s attack on Ukraine (Ukraine), there is a boil in the prices of crude oil. Crude oil prices hit a hundred on Thursday morning and by evening the price of crude oil has come close to $ 105 per barrel in the international market. The kind of global situation, there is a possibility of further jump in the prices of crude oil.
Russia is a major producer of crude oil, if the war between Russia and Ukraine is not stopped, the price of crude oil may increase further, which will increase India’s trouble. In fact, Russia is one of the largest oil producing countries in the world. Russia supplies 35 percent of its crude oil to Europe. India also buys crude oil from Russia. In the 10 barrels of oil supplied in the world, one dollar comes from Russia. In such a situation, due to disruption in the supply of crude oil, the prices may increase further. Due to which inflation in India can increase tremendously.
How expensive will petrol diesel be ?
Now let us tell you how expensive crude oil is affecting the treasury of government oil companies. For every dollar increase in crude oil prices, state-owned oil companies increase the prices of petrol and diesel by 40 paise per liter. Since touching a minimum of $ 68 per barrel on December 1, 2021, crude oil has now come down to $105 per barrel. That is, crude oil has become more expensive in the last 90 days by more than $ 35 per barrel. Petrol diesel becomes costlier by Rs 2 per liter after the increase in crude oil prices by up to $5. If we also add the weakness in the dollar against the rupee, then according to this, the state-owned oil companies will have to increase the prices of petrol and diesel by at least Rs 10 per liter to compensate for their losses. But their hands are tied because of elections.
There is no change in the prices of petrol and diesel.
Government oil companies have not made any change in the prices of petrol and diesel since November 4, 2021. Government oil companies now review the prices of petrol and diesel every day, but due to political reasons and pressure from the government, they are not able to do so now. Even though the right to fix the prices of petrol and diesel has been given to the state oil companies, but they have never been able to get out of government intervention. That is, it is clear that on March 10, 2022, as soon as the results of the assembly elections in five states are out, the common people will be hit by expensive petrol and diesel again.
At present , the price of petrol and diesel in four metros is
Rs 95.41 per liter for petrol in Delhi and Rs 86.67 for diesel. Mumbai residents have to pay Rs 109.98 for petrol and Rs 94.14 per liter for diesel. In Chennai, it is getting Rs 101.40 per liter for petrol and Rs 91.43 for diesel. The people of Kolkata have to pay Rs 104.67 per liter for petrol and Rs 89.78 per liter for diesel. This is today’s price, just imagine, after the end of the election, the government oil companies started increasing the price of petrol and diesel to compensate for their losses, then what would be the price of inflation in the country.