Petrol Diesel Prices Highest In History, Inflation Update; Crude Oil Consumption Increases, Prices Will Increase By 20% In Next Three Months | Crude oil consumption increases due to improvement in economies around the world, prices will increase by about 20% in the next three months

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  • Petrol Diesel Prices Highest In History, Inflation Update; Crude Oil Consumption Increases, Prices Will Increase By 20% In Next Three Months

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Petrol is being sold at Rs 90.58 per liter and diesel at Rs 80.97 on Monday in the capital Delhi. -File photo

Petrol and diesel prices in the country have reached historic lows. The price of petrol has crossed Rs 100 per liter for the first time in most states. The price is not likely to decrease in the coming days as the price of crude oil will increase in the international oil market.

Consumption increases due to economic activity, expected to reach pre-covid level by July

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Investment bank Goldman Sash said that by July this year, crude oil consumption will reach pre-Kovid levels. Because industrial activity has been steadily increasing amid a decline in corona cases. While oil production cuts by oil producing groups OPEC Plus (OPEC +) and Iran continue. In such a situation, crude oil can be $ 10 per barrel and expensive.

Crude oil will be expensive by $ 10 per barrel in three months
Brent crude will rise to $ 70 -75 per barrel after the gain. It is at $ 63.11 a barrel on February 22 morning. According to Goldman Sachs, the price of crude oil has gone up by 22% this year. On the other hand, the US government will not allow Iran to increase oil production recently. This will increase the prices of crude oil.

Government also expressed concern
Union Minister Dharmendra Pradhan also said on Sunday that there are two main reasons for fuel price hike. First, the international market has reduced fuel production and second, manufacturing countries are producing less fuel for greater profitability. This is causing problems to consumer countries.

Fuel prices remained stable in the country for the second consecutive day on 22 February. Petrol in the capital Delhi is being sold at Rs 90.58 per liter and diesel at Rs 80.97.

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