Hostilities between Russia and Ukraine is expected to keep global crude oil prices in the range of $95-to-$125 per barrel in the coming days
Nagpur: The conclusion of Uttar Pradesh Assembly and other State elections could prove costly for common people as the Government is likely to hike petrol and diesel prices by Rs 15-22 per litre. The hike would to be to bridge the gap created by international oil prices soaring in the range of $95-to-$125 per barrel in the short term
Today’s Rate
Tuesday 12 Nov. 2024
Hostilities between Russia and Ukraine, along with sustained demand, is expected to keep global crude oil prices in the range of $95-to-$125 per barrel in the coming days. Consequently, the geo-political crisis-led global hike in crude oil prices is expected to push India’s domestic prices of petrol and diesel by Rs 15-22 per litre.
With State elections getting over on Monday, March 7, it is widely expected daily fuel price hikes to restart across both gasoline and diesel. The seventh and final phase of polling for the Uttar Pradesh Legislative Assembly is on March 7 and the counting of votes slated for March 10. However, an Excise Duty cut may dampen the impact on petrol and diesel prices to an extent, but not entirely. At present, India imports 85 per cent of its crude oil needs. Besides, the cascading effect of higher fuel cost will trigger a general inflationary trend.
It is widely expected that the Oil Marketing Companies (OMCs) will revise the current prices on or after March 7, which is the last day of voting in the ongoing State Assembly elections.
Lately, the crisis as well as fears of lower supplies have pushed Brent crude oil price to 10-year-high level of nearly $120 per barrel. On Friday, March 4, the Brent-indexed crude oil stood at $113.76 per barrel from a 10-year high of $119.84 per barrel a day before. Currently, Russia is the third largest producer of crude oil in the world. It is feared that sanctions against Russia will curtail global supplies and stifle growth.
