There are reports about the reduction in petrol and diesel prices in India. The government is also pushing for solutions for this. In the last few days, it was revealed that prices of petrol and diesel may be cut or people can be given relief under the GST. But, now once again the prices of petrol and diesel are expected to show up. In fact, OPEC, an organization of countries producing crude oil, has agreed to increase production of 10 million barrels per day. Since this decision, crude prices have risen up to 6%. This is the reason why the pressure on oil companies to increase petrol and diesel prices has increased in India.
Biggest Crude In Crude Oil After 20 Months
After the decision to increase production of crude oil, its prices have seen a 6 percent surge. This is the biggest increase in crude prices in 20 months. After November 2016, crude oil prices have risen so much. New York Mrchentail reached the Exchange (Nymex) crude prices rose 5.71 per cent to $ 69.28 a barrel. This surge in crude was the biggest rally since November 2016.
Experts believe that oil prices will increase further. Crude can get 2-3 per cent growth and see. This is the reason why once again the prices of petrol and diesel in India are expected to increase.
10 million barrels of production will increase daily
In the OPEC country and Russia meeting, there was an agreement to increase crude production of 10 million barrels per day from July. Saudi Arabian Petroleum Minister Khalid Al-Falih said after a meeting in Vienna that this decision would make a significant contribution in meeting the additional demand in the second half. However, negotiations on the amendment in the 18-month supply-cut agreement between OPEC countries and exporting countries were focused.
Countries divided on increasing production
Iran’s oil minister said on Saturday that after the new production agreement, OPEC and its allies will increase the production of crude oil by 5 million barrels per day. On the other hand, Saudi Arabia says that the increase in global supply will increase by 10 million barrels per day (BPD) i.e. 1 percent. At the same time, Iraq had recently said that the production of crude oil will increase 7.70 lakh BPD. In fact, many producing countries are battling the problem of production decline. That is why they will have to face difficulties in completing the previous quota.
Increase in production is less than expected
According to news agency Reuters, the market was expected to increase crude oil production in large quantities from OPEC meeting. but that did not happen. It was estimated that 18 million barrels per day could be increased. But, the decision is just 5 lakh barrels of a hike. There is no clear state at present for OPEC meeting. Production will increase, but it is not decided what will be the impact on the market. At the moment, due to crude oil, there is no hope of any specific correction in the market.
What are today petrol and diesel prices
Petrol and diesel prices have also seen a cut in today (Sunday). 14 paise per litre of petrol and 7 paise per litre of diesel has been deducted on Saturday. After the new cut, the price of petrol in Delhi has gone up to Rs 75.79 per litre. At the same time, the price of diesel has reached 67.54 rupees per day.