The burden on the pocket will increase! Petrol can be costly by up to Rs 3, rising crude prices will harm

Petrol Price in India

Petrol Price in India

 The effect of rising crude oil prices will be seen on petrol and diesel.  This is the reason that due to the record high of crude oil, there may be a big jump in the prices of petrol and diesel in the coming days.Crude oil prices are increasing at a record rapid rate.  In the last few days, there has been a big jump in oil prices.  This is the reason why Brent crude, the benchmark of crude oil, has crossed the level of $ 80 per barrel.  Crude oil is at a record high of 3 years.  Earlier in October 2018, crude had reached 78.24.  Due to the fire in crude oil prices, petrol and diesel may become more expensive in the coming days.  In such a situation, there is no good news for the people who are still suffering from the cost of expensive petrol.

Why is crude oil getting expensive?

According to Ajay Kedia, director of Kedia Commodity, economic activities have started rapidly in the world.  With the help of the vaccination program (Coronavirus vaccination), there has been a lot of improvement in the cases of corona.  Fuel demand has increased very rapidly in many countries. Crude oil production was already at a record high. But, in the month of September, there has been a decrease in production due to 2 big storms in America. This is the reason why there is a record increase in crude oil prices. At the same time, some brokerage firms and rating agencies are also believing that the price of crude will rise rapidly in the coming days.  There can be a rise of up to 15 percent in this.

 Why will petrol and diesel be expensive?

The effect of rising crude prices will be seen on the price of petrol-diesel in the domestic market (Petrol-Diesel price in India).  The reason behind this is the strengthening of the Dollar Index. The Rupee has weakened.  More than 80% of the total crude is imported in the country.  The payment for this is done in dollars.  Due to the weakening of the rupee (Dollar Vs Rupee), the cost of crude oil is increasing.  This is the reason that in the coming days, oil companies can increase the rate of petrol and diesel in view of the increasing pressure on the margin.

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