Talking about the next 1 month, crude will also increase by 10 to 15 percent from the current price. In such a situation, at the domestic level, the common man should be ready for expensive petrol and diesel.
Brent Crude/Petrol-Diesel Prices: As tensions between Russia and Ukraine are rising, oil prices are on the boil. In the international market, the price of Brent crude oil has reached $ 111 per barrel. This is an almost 8-year high for crude. WTI crude is also trading near $ 109 per barrel. There has been a strong jump in crude due to the reduced supply worldwide and the fear of further shortfalls. Commodity market experts believe that this rise in crude will continue even now. Talking about the next 1 month, crude will also increase by 10 to 15 percent from the current price. In such a situation, at the domestic level, the common man should be ready for expensive petrol and diesel.
Crude 70 expensive in 3 months, but petrol diesel stable
Ajay Kedia, director of Kedia Commodity, says that when it comes to Brent crude, it has become 70 percent expensive since December 2. On December 2, Brent crude was close to $ 65 per barrel, which has now become $ 111 per barrel. At the same time, there has been a jump of 75 percent in WTI crude during this period. On the other hand, due to the elections in UP and 5 states, the prices of petrol and diesel have remained stable. In such a situation, it is almost certain to increase the prices of petrol and diesel after the elections. Let us tell you that so far this year too, there has been an increase of 42 percent in crude, while it has become expensive by 82 percent in a year.
Petrol diesel prices set to rise!
IIFL VP-Research Anuj Gupta says that Brent is currently close to $ 111 per barrel. This is a high of about 7.5 years. Whereas the crude life time high on MCX has reached Rs 8088. Due to geopolitical risk and supply concerns, crude may become costlier by up to $125 per barrel in another 1 month. On the other hand, on MCX, it can touch the level of Rs 8500 to Rs 8700. He says that there has been no change in petrol and diesel in India for a long time. But due to the cost of crude, the pressure on the balance sheet is very high. In such a situation, after the election, petrol and diesel are expected to increase from Rs 15 to Rs 20 per liter.
Crude 45 percent costlier than budget estimates
Ajay Kedia says that the government had predicted in the Economic Survey during the budget that crude would be costlier by 70 to 75 dollars per barrel. But according to the government’s estimate, crude has become expensive by $ 35, or about 45 to 36 percent. This is sure to have an impact on the economy. Rupee has already weakened to 76 per dollar. India is a major importer of energy and edible oil. Due to this the balance sheet is sure to deteriorate. In such a situation, the government may be forced to increase the price of petrol and diesel. It may be that the central and state governments will give some relief on tax, but oil prices will increase.
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