Global oil prices are currently at an eight-year high. The beginning of the current crisis is the tightening of sanctions on Russia by world powers.
Russia has tightened sanctions on oil. Russia supplies more than 40 percent of European oil demand. At the same time, the US president’s response was that the United States could meet Europe’s demands by not succumbing to Russian threats.
At the same time, the rise in oil prices has not affected fuel prices in the country. In the current situation, things are unpredictable. The Center had convened a meeting to discuss tax cuts in the wake of rising oil prices.
It is estimated that the uncertainties in the oil market will continue after the war between the two countries. Oil prices had touched $ 117 a barrel yesterday.
It remains to be seen whether fuel prices will rise in the country after the five state elections. According to reports, petrol price will go up by at least Rs 10 per liter.
Ordinary people cannot afford the increase in fuel prices with the rising inflation. Global oil prices have moved to a recent record high. This is the first time since September 2014 that global oil prices have risen this much. Rupee loses ground against dollar in early trade This is nominal when considering the rise in oil prices. Last week, global oil prices crossed $ 96, but then fell.
Last November, the central government reduced the fuel duty. After this, the oil companies went into silence. It is up to the companies to maintain this silence despite the continuous decline in fuel prices. The government also tacitly agreed to this. But now things are in favor of companies. International oil prices have risen by about 20 per cent since November. If local fuel prices rise, inflation is sure to rise.
The country has a system of changing local fuel prices in line with international oil prices. But it has been four months since companies, the government and the public forgot about it. Oil companies have not been shaken by falling fuel prices for more than two consecutive months. Oil prices have plummeted since the second wave of Kovid. Oil has benefited from reports that the third wave may not be as deadly as the second wave, and that hospitalization is declining. Despite the increase in the number of cases, the fact that countries have not tightened controls makes oil strong.
Rumors are rife that oil companies, which have fallen asleep as international oil prices plummet, may immediately raise fuel prices. Just before the budget, oil companies cut the price of commercial cylinders yesterday. At the same time, aviation fuel prices were at record highs. The fact that the country is once again in the heat of elections is also a relief to local markets. In the past, oil companies have kept fuel prices stagnant during elections. Omikron, Inflation, U.S. The Fed … nothing optimistic about the average person.
| City | Petrol (Rs.) | Diesel (Rs.) |
| Thiruvananthapuram | 106.36 | 93.47 |
| Cochin | 104.06 | 91.40 |
| Kozhikode | 104.49 | 91.83 |
| New Delhi | 95.41 | 86.67 |
| Mumbai | 109.98 | 94.14 |
In major cities Fuel price
In New Delhi, a liter of petrol costs Rs 95.41. 86.67 per liter of diesel. In Mumbai, a liter of petrol costs Rs 104.46 and a liter of diesel Rs 91.40. In Thiruvananthapuram, a liter of petrol costs Rs 106.36 and a liter of diesel Rs 93.47. It has been here since June 26th Petrol price 100 has been crossed. In Kochi, petrol is priced at Rs 104.06 per liter. Diesel is priced at Rs 91.40 per liter. Kozhikode: Petrol price reached Rs 100 on August 5. Today, a liter of petrol costs Rs 104.49 and diesel Rs 91.83.
Crude oil prices
Internationally, crude oil is trading at $ 112.22 a barrel. Yesterday it was $ 117.53. Following the coup, OPEC countries imposed production restrictions to raise oil prices. These restrictions are still in place. Indications are that the OPEC countries will not increase production immediately.
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