A report has come about crude oil itself, which says that the price of crude oil can reach $ 380 per barrel. On the basis of this report, it is being said that even in India, petrol prices can cross the Rs 300 mark.
Can petrol and diesel prices in the country cross the Rs 300 per liter mark? Imagine if petrol and diesel become so expensive, then how much burden will increase on our pockets. At present, the price of petrol in the country is around Rs 100 to 110 and diesel is being sold at around Rs 100 per liter. Petrol prices in the country are decided according to the crude oil rate. A report has come about crude oil itself, which says that the price of crude oil can reach $ 380 per barrel.
There is a stir in the whole world after reading this report. So will petrol and diesel really be sold in India at the rate of Rs 300 per liter or more? Currently, crude oil is being sold in the global market at around $ 111 per barrel.
Crude oil will reach $ 380 barrel
Analysts at JPMorgan Chase & Co have warned that if the US and European countries tighten further screws on Russia, it could cut crude oil production by up to five million barrels. Because of this, crude oil will reach around $ 380 per barrel all over the world. After the attack on Ukraine, America and European countries imposed tough economic sanctions on Russia.
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Russia will have an effect
Experts at JP Morgan say that if Russia cuts crude oil production by three million barrels per day, crude oil prices on the London benchmark will reach $190. At the same time, if Russia will increase it to five million, then the rate of crude oil will reach $ 380 per barrel. Now the question is how much impact will this increase have in India.
How much will the price increase in India
India is one of the largest crude oil-importing countries. If the increased crude oil prices in India had an effect, then petrol would be sold at the rate of Rs 385 per liter. If we compare the increased prices in terms of Rs 110 per liter of petrol and $ 111 per barrel of crude oil, then petrol will become almost three and a half times more expensive.
When crude oil prices in the world reach $ 380 per barrel, then petrol in India will be sold at the rate of Rs 385 per liter. However, many experts have termed JP Morgan’s report as baseless and they say that at present there is no such situation.
India is importing from Russia
Since April, India has bought 50 times more crude oil (Crude Oil Import From Russia) from Russia. Russia’s share in India’s total crude oil import has increased to 10 percent. Before the start of the war with Ukraine, India was buying only 0.2 percent of oil from Russia. In the month of April, it increased to 10 percent.
