On Tuesday, September 28, the prices of petrol and diesel were increased once again in the domestic market. At the same time, diesel prices were increased for the third time in a week. However, India’s oil companies were pointing towards this for a long time. Meanwhile, it is expected that the prices of petrol and diesel may increase by up to Rs 5 per liter in the coming days.
Recently, during a conversation with a daily newspaper, Anuj Gupta, Vice President, IIFL Securities said that crude oil has reached close to $ 80 per barrel in the international market. Last month, its price was $ 69.70 per barrel, that is, the price of crude oil has increased by about 12 percent during a month. In the midst of relief from Corona all over the world, everything is being unlocked and the price of crude oil is not expected to decrease in the global market in the coming days even in the midst of a spurt in vaccination. It is estimated that its effect will be seen on petrol and diesel in the Indian market as well and the prices may increase by up to Rs 5 per liter.
Crude oil price at three-year high
Due to the ever increasing prices, crude oil (Brent crude) has reached the highest level of last three years. Earlier in 2018, it reached $ 78 per barrel, which is currently at $ 80 per barrel. Multinational investment bank and financial services company Goldman Sachs has estimated that by the end of 2021, the price of crude oil can reach $ 90 per barrel. which no one thought. There is a greater demand and supply chain gap than was expected. In such a situation, it is possible that by the end of the year, the price of crude oil will increase by up to $10. In the US also, there is a possibility of an increase in the price due to the production being affected.
Latest rates of petrol and diesel in Indian cities
On Tuesday, after nearly two months, the price of petrol in the retail market increased by 20 to 22 paise. The price of diesel also increased thrice in the last 6 days to 1.45 paise. With this, petrol was sold at Rs 101.39 per liter and diesel at Rs 89.57 per liter in the capital Delhi on Wednesday, 29 September. Petrol in Mumbai was priced at Rs 107.47 per liter and diesel at Rs 97.21 per liter. In Bhopal, people bought petrol at Rs 109.85 per liter and diesel at Rs 98.45 per liter in Bhopal.