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Crisis on Crude oil Supply, Prices of Petrol and Diesel will Increase in India

Crude-Oil
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For the past two days, the price of petrol and diesel has remained stable. However, due to the rise in crude oil, there is little hope of getting relief to consumers in the coming days.

Recently, the supply of crude oil has been disrupted due to airstrikes on Libyan port. Due to this, the trend of rising crude oil prices continued on Thursday. In the coming days, the impact of the rise of crude oil can also be seen in India. Actually, the prices of petrol and diesel in India are fixed on the crude oil prices of the international market. When crude oil prices rise, then petrol and diesel also become expensive.

Stability in Petrol and Diesel Since two Days:

However, the prices of petrol and diesel have remained stable for the past two days. According to the website of Indian Oil, the price of petrol in Delhi, Kolkata, Mumbai and Chennai remained unchanged at Rs 71.89, Rs 74.53, Rs 77.56 and Rs 74.68 per liter respectively. At the same time, the price of diesel also remained stable at Rs 64.65, Rs 66.97, Rs 67.75 and Rs 68.27 per liter respectively. Earlier, there was a continuous reduction in the price of petrol and diesel, due to which the price had come down to 5 months.

What Expert Says

Anuj Gupta, deputy vice president (energy and currency research), Angel Broking, told IANS: “The first oil-producing organization, OPEC and Russia, hinted at additional cuts in oil production, which led to a spike in oil prices. Support has been received in Libya due to supply disruptions due to tensions. ”

He said, “The impact on the transportation and industry in China due to the outbreak of coronavirus and the decrease in oil consumption led to pressure on oil prices in the international market earlier this month, but due to the effect of coronavirus, oil The demand is going to decrease much more than the demand for it will decrease because the supply of oil has come to a standstill due to tension in Libya. “

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