Petrol-Diesel Price Hike: According to the report of JP Morgan, the process of increasing the prices of petrol and diesel will start again as soon as the elections for 5 states are over next week.
Petrol-Diesel Price Hike: International oil prices have crossed $ 100 (Rs 7573.85) per barrel, but in India, its prices have remained stable for the last 118 days. However, now the state assembly elections will be over next week and according to brokerage firm JP Morgan, after that oil can become costlier by Rs 9 per liter. The last ie the seventh phase of voting for the next assembly of Uttar Pradesh is to be held on March 7 and then three days later, on March 10, the counting of votes will be held in five states including Uttar Pradesh.
Due to Russia’s attack on Ukraine, Western countries are imposing sanctions on Russia and due to their combined effect, for the first time since mid-2014, the price of crude oil has crossed $ 110 (Rs 8331.24) per barrel for the first time. Oil prices are seeing a rise due to fears that the supply of oil and gas from Russia will be affected.
Crude Oil: Crude crosses $110, be ready for expensive petrol diesel, may increase by Rs 15 to 20 / liter in 1 month
Oil is being sold in India according to cheap crude price
According to the Petroleum Planning and Analysis Cell (PPAC) of the Ministry of Oil, the price of Indian crude oil basket crossed $ 102 (Rs 7725.33) per barrel on March 1. This is the highest since August 2014. This is much higher than the average price of crude oil at the beginning of November last year at $ 81.5 (Rs 6172.69) per barrel, at which the prices of petrol and diesel are currently fixed. According to the JP Morgan report, state-owned oil companies Indian Oil, Bharat Petroleum and Hindustan Petroleum are losing Rs 5.7 per liter of oil and the normal margin of Rs 2.5 per liter is not included in this calculation. In such a situation, the brokerage firm believes that oil companies can increase the price of petrol and diesel by up to Rs 9 per liter.
Gold and Silver Outlook: Gold and silver shine in Russia and Ukraine war, make profit strategy, what should be SL and target price
Crude oil prices can reach $ 150
Russia produces 10 percent of the world’s oil, but India imports only one percent of its requirement (43.4 thousand barrels per day in 2021) from Russia. Despite the low dependence on imports from Russia, since petrol and diesel prices are fixed every day according to the price of international crude, the people are sure to be hit by inflation when the election process ends next week. India imports 85 percent of its oil requirement. The brokerage firm estimates that crude oil may reach a high of $ 150 (Rs 11360.77) per barrel if sanctions on Russia tighten or supply is affected, but in the last quarter of this year, October-December 2021, it will reach $ 86 per barrel. (Rs 6513.51) can slip up.
(Input: PTI)
,