New Delhi21 minutes ago
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Due to the ongoing war between America, Israel and Iran in the Middle East, the prices of crude oil in the international market have reached a three and a half year high.
On Sunday, the price of Brent crude has crossed the level of $ 100 per barrel. Earlier in 2022, crude oil had crossed $100.
Brent crude jumped 16.5% to $108 as trading began on the Chicago Mercantile Exchange, which had closed at $93 on Friday.
During the war i.e. in just 10 days, crude oil has become expensive by about 48%. However, the Indian government says that we have enough oil, hence the prices of petrol and diesel will not increase in India.
Crisis deepens due to closure of Hormuz waterway A large part of the world’s total oil trade passes through the Strait of Hormuz. Due to the Iran war, transportation through this sea route has been significantly affected. Due to this, the supply of oil from Gulf countries has come to a standstill. Big oil producing countries like UAE and Kuwait have also started reducing their production, because export is becoming difficult due to closure of supply routes.
Government of India said – We will not have enough oil, petrol and diesel will be expensive
The Indian government had said on March 8 that India would have no shortage of crude oil. India currently has a stock of more than 25 crore barrels (about 4,000 crore litres) of crude oil and refined petroleum products.
According to the government report, this backup is so much that even if the supply stops completely, the entire supply chain of the country can easily run for 7 to 8 weeks. This means that there is no tension of shortage of petrol, diesel and other petroleum products in the coming days. The government had made it clear on March 7 that it would not increase the prices of petrol and diesel.
India will buy crude oil from Russia The US Treasury Department has given a special license of 30 days to Indian refineries. This license will remain valid till April 3. Due to this, there is no possibility of shortage of crude oil in India. Apart from this, the crisis of rising prices of petrol and diesel is over for now.
Prices have been stable for 4 years: Prices increased by 55% in Pakistan and 22% in Germany. Quoting the data of Petroleum Planning and Analysis Cell (PPAC), it was told that the prices of petrol and diesel in India have remained stable for the last four years. There has been a slight decline of 0.67% in petrol prices in Delhi between February 2022 and February 2026. In contrast, petrol has become costlier in Pakistan by 55% and in Germany by 22%.
Domestic cylinder prices increased by Rs 60 The government has made domestic gas cylinder costlier by Rs 60. In Delhi, 14.2 kg LPG gas is now available for Rs 913. Earlier it was Rs 853. Whereas the price of 19 kg commercial cylinder has been increased by Rs 115. Now it is available for Rs 1883. The increased prices have come into effect from March 7.
