Crude Oil Price Hike: Once again, the prices of crude oil are seeing a boil in the international market. The price of crude oil is trading at a two-month high. On Friday, Brent crude futures crossed $ 118 a barrel. Currently, it is trading at $117.30 per barrel. This rise in crude oil prices is being seen due to the European Union advocating a ban on the import of crude oil from Russia. The price of Brent Crude Oil has crossed $ 117 per barrel, which is the highest since March 28.
Prices rise due to the relaxation of lockdown in China
Earlier, after Russia attacks Ukraine, the price of crude oil in the international market reached the highest level of $ 139 per barrel for the first time since 2008. Due to the demand to ban the import of crude oil from Russia, there is a rise in the prices, as well as due to the news of the relaxation of the lockdown imposed due to Corona in China, the prices of crude oil have also increased. If the lockdown is relaxed in China, it will increase the demand for crude oil and due to the lack of supply, prices may see a further rise.
Then there may be a shock of expensive petrol diesel!
This increase in crude oil prices is bad news for India. In India, petrol and diesel have already become costlier by Rs 10 per liter between 22 March and 6 April 2022. However, to give relief to the common people, the government has reduced the excise duty on petrol and diesel. Excise duty has been reduced by Rs 8 per liter on petrol and Rs 6 per liter on diesel. But if the prices of crude oil increase, then again the process of increasing the price of petrol and diesel can start. The inflation of which may increase even more. Anyway, government oil companies are facing huge losses for selling petrol and diesel.
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