CEOs of the world’s big oil companies believe that in the coming days, the price of crude oil can reach $ 100 per barrel. According to the current calculation, in such a situation, petrol can be expensive by up to Rs 14 per liter.
Petrol in India is 55 paise more expensive than a dollar in crude oil.
Petrol Diesel price forecast: Petrol and diesel rates are skyrocketing. In metros, the rate of petrol has crossed 100. Diesel is also beyond 95. On the other hand, the price of crude oil in the international market has reached the level of $ 75 per barrel. There is no indication from the government about the huge tax cut on petrol and diesel. In such a situation, it has become necessary to know how far this trend can reach.
According to the Bloomberg report, looking at the current situation, it seems that within a year, crude oil will reach the level of $ 100 per barrel. A dollar increase in the price of crude oil makes petrol 55 paise per liter and diesel 60 paise expensive in India. In such a situation, if there is a rise of $ 25 in crude oil, then a rise of up to Rs 12-15 in petrol and diesel is possible in the coming days.
Such was the performance of crude oil in 2021
So far in the year 2021, WTI crude has become 50 percent and crude oil 46 percent expensive. Brent crude was trading at a level of $ 75.54 around 3 pm. WTI crude was also trading at the level of $ 73.47 per barrel at this time. The price of crude oil is currently at the highest level of the last two years.
Such was the performance of petrol and diesel in 2021
Talking about petrol and diesel, the rate of one liter of petrol in the capital Delhi is Rs 97.50 and the rate of diesel is Rs 88.23. On January 1, the price of diesel in Delhi was Rs 73.87 and that of petrol was Rs 83.71. So far this year, petrol in Delhi has become costlier by Rs 13.79 and diesel by Rs 14.36 per liter.
No investment in production, so the price rises
The heads of the world’s big oil companies say that investments are not being made openly regarding oil production, due to which there will be a supply cut in the coming days while demand will increase. In this way the price will increase further. Chief executive officers of British-Dutch oil and gas company Royal Dutch Shell Plc and French oil company TotalEnergies SE say that the price of crude oil can reach up to $100. However, he also said that there is a possibility of a price cut in view of the volatility.
Waiting for the demand to increase very much
American oil and gas company Exxon Mobil Corp CEO Darren Woods said on Thursday at the Qatar Economic Forum that very little investment is being made in oil production. Due to this, the game of supply and demand will worsen due to which the price will increase. He says that unless the demand increases too much, the production will not pick up. Once the supply picks up with the demand, the price will again be reined in.
Many banks believe that crude oil will reach $100
Before the head of oil companies, trading house Trafigura Group had said that crude oil could reach $ 100 per barrel in the international market. In addition, Bank of America Corp. And Goldman Sachs believes the same. Actually, the demand has been badly affected in the last one and a half years due to Corona Wave. This is the reason why investment in production projects is not being done that way right now.
Also read, Big action against fugitives: Vijay Mallya, Nirav Modi, Mehul Choksi’s assets worth 9371 crore transferred to public sector banks
.