The cost of crude oil is very important for India. On Tuesday, in the international market, Crude oil prices have reached the highest level in five months. There may also be an increase in the prices of petrol and diesel, which will have a direct impact on the public. Increased prices of oil can be big trouble not only for the people but also the government.
Brent crude has moved above $ 70 a barrel, which is the highest level since November. Brent crude prices have increased 34 percent this year so far. In the last two weeks, the price of Brent Crude has been increased by 3.65 percent, which can be seen in the coming days.
Indeed, India imports 80% of its oil consumption by imports, so the prices of petrol and diesel are determined according to the price and price of crude oil in the international market.
Brent crude’s June delivery contract on the International Forward Markets Intercontinental Exchange (ICE) last weekend closed at $ 70.41 a barrel. Earlier, on November 12, 2018, Brent Crude was closed at $ 70.12 a barrel after jumping to $ 71.88. However, on December 26, 2018, the price of Brent crude moved down to $ 49.93 a barrel.
However, on Tuesday, the cost of petrol in four metros of the four countries was five paise per litre. After that, the price of petrol in New Delhi, Kolkata, Mumbai and Chennai has gone up to 72.80, 74.82, 78.37 and 75.56 rupees per litre respectively. At the same time, there was no change in the price of diesel.
On Tuesday, diesel prices in Delhi, Kolkata, Mumbai and Chennai were 66.11, 67.85, 69.19 and Rs 69.80 per litre respectively. It is feared that due to the increase in the cost of crude oil in the coming days, the price of petrol and diesel will be increased.