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Petrol and diesel prices may be reduced soon in the country, crude prices give relief, know how cheap oil can be

Petrol and diesel prices may be reduced soon in the country, crude prices give relief, know how cheap oil can be

Aug 04, 2022 | 9:18 am

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In the coming time, the hopes of decreasing petrol and diesel prices have started increasing. Actually, there are signs of relief in crude oil prices. On Wednesday itself, prices reached the lowest levels after February. Today, recovery has been seen in prices. However, even after the lead, Brent crude is below the crucial level of $ 100 per barrel. Yesterday, OPEC countries have announced to increase production in September. Which is much less than expectations. Even after this, it is believed that the oil prices are below the $ 100 level, it is believed that businessmen are expected to decline in demand in the coming time. According to experts, the decline in oil is due to the decline in oil, petrol and diesel prices may decrease by Rs 3-4 per liter.

IIFL Securities Vice President Anuj Gupta said that 3 months During the price of crude oil, there is a improvement of up to 18 percent. At the same time, the stock of crude and gasoline in America is continuously increasing due to decrease in demand. Correction in crude is a very good sign for India and it is expected that due to this decline in crude oil, the price of petrol and diesel may soon be cut by Rs 3 to 5.

Brent crude Today, the future has seen an increase of more than half a percent. However, even after this increase, Brent crude is below the level of $ 98 per barrel. At the same time, even after the WTI crude future lead, it is close to $ 91 per barrel. In the last session, both benchmarks reached their low -lying levels after February. The decline in crude oil prices was seen due to a sharp increase in crude inventory in America. This edge was much higher than the estimate. At the same time, traders suspect that there may be a decline in demand in the coming time, which may put pressure on crude prices. On the 29th of last month, Brent crude future was at $ 110 per barrel. On August 3, Brent closed at $ 97.52 per barrel. That is, in just one week the price of Brent has decreased by more than $ 12 per barrel.

OPEC meeting held on Wednesday on Wednesday. It has been decided to increase the production of crude oil by one lakh barrels per day. This lead is the slowest growth in the last several months. Experts are assuming that OPEC Plus countries are expected to decrease further demand, so they are taking cautious stance to increase production. OPEC countries made a sharp cut in their production due to decrease in demand during epidemic. The deduction deadline ends on September.

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August 4th 2022, 3:58 am
Amitesh Kumar
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