New Delhi: Crude oil prices have risen once again, with Brent crude nearing $83 per barrel on Friday. The surge followed Iran’s announcement that it plans to introduce stricter regulations for ships passing through the Strait of Hormuz. The move sparked fresh concerns over global oil supplies, pushing oil prices higher. On Thursday, Brent crude had already climbed 3.8% to settle at $82.49 per barrel, while US WTI crude gained 2.8% to close at $77.29 per barrel.
What is the case of Hormuz?
The Strait of Hormuz is the most important oil route in the world. About 20 percent of the world’s oil and gas passes through this route. If there is any interruption here, then the supply may get disturbed. After Iran’s new proposal, investors felt that the road might be closed. Due to this fear, the prices went up.
What will be the impact on India?
This news is not good for India. Because we import more than 85 percent of our crude oil requirement from outside. If oil remains around 80-85 dollars for a long time, then three things are certain:
1. The import bill will increase.
If oil becomes expensive, the government will have to spend more dollars. Due to this, the current account deficit of the country can also increase.
2. Inflation pressure
As the price of oil increases, everything from transport, factories, and electricity becomes expensive. Everything from vegetables to groceries gets affected. There will be a direct burden on the common man’s pocket.
2. Petrol and diesel may become expensive.
Right now, the companies are not increasing the prices, but if the international rates remain high like this, then there is every possibility of an increase in the rates of petrol and diesel at the pump in the coming weeks.
What are the prices of petrol in major cities of the country on August 7?
- Delhi: Rs 102.12 per liter
- Mumbai: Rs 111.12 per liter
- Kolkata: Rs 113.43 per liter
- Chennai: Rs 107.75 per liter
- Hyderabad: Rs 115.69 per liter
- Bengaluru: Rs 110.93 per liter
What is the latest diesel rate?
- Delhi: Rs 95.20 per liter
- Mumbai: Rs 97.78 per liter
- Kolkata: Rs 99.78 per liter
- Chennai: Rs 99.57 per liter
- Hyderabad: Rs 103.82 per liter
- Bengaluru: Rs 98.79 per liter
What factors depend on the prices of petrol and diesel in India?
The prices of petrol and diesel in the country are not determined only by the international crude oil prices. Taxes imposed by the central and state governments, refining costs, transportation expenses, dealer commission and the position of the rupee against the dollar also have a major impact on them.
What could happen next?
If tensions persist in West Asia and crude oil prices continue to rise, it may impact the Indian market as well. In such a situation, oil companies may review the prices of petrol and diesel in the coming days. At present, the eyes of the drivers are fixed on the international market and government decisions.
