OPEC gave a blow to the expectations of cheap petrol and diesel, crude oil prices rose by 10 percent in three days


Posted on 4th Apr 2023 10:35 am by rohit kumar

Due to the huge fall in the prices of crude oil in the international market in March, the expectation that petrol and diesel will also become cheaper in the country has suffered a setback. OPEC, an organization of oil-producing countries, has suddenly taken a major decision and decided to cut the global production of crude oil by about 1.16 million barrels per day.

 

increase in the price of crude oil

Because of this, once again the trend of rising crude prices has become. Crude oil, which had reached the level of $75 per barrel last month, has now again risen to $84-85 per barrel. This move of OPEC countries can also affect the decision of the Monetary Policy Committee (MPC).

 

The MPC meeting under the chairmanship of the RBI governor started on Monday and its decision regarding interest rates will be announced on Thursday (April 06, 2023). The ongoing tug-of-war in global diplomacy is also responsible for this decision of OPEC.

 

America's effort - do not increase the prices of crude too much

OPEC's role in fixing crude oil prices was weakening since the time of the Corona epidemic. After the war in Ukraine, India, and China, the world's two biggest oil buyers, have started buying a lot of crude oil from Russia.

 

At the same time, efforts have been made by America and western countries that the prices of crude should not increase too much. They thought that if crude remains cheap in the international market, then Russia will also get a lower price. This is the reason why from July 2022 onwards, a continuous softening trend has been observed in the prices of crude oil.

 

OPEC drastically cut total production

 

Looking at India's purchase price from the international market, it was $ 116.09 per barrel in June 2022, but after that, it was $ 105.49 in July, $ 97.4 in August, $ 90.71 in September, $ 91.7 in October, $ 87.55 in November, 78.1 in December, $ 80.92 in January 2023, $ 82.28 in February 2023 and $ 78.5 per barrel in March. In such a situation, OPEC has planned to strengthen its position by drastically cutting the total production. This reduction in production will be applicable from May 2023 and will continue throughout the year.

 

Government oil companies did not change the prices

Let us tell that roughly when the price of crude increases by one dollar, then the retail price of petrol in the domestic market can increase by 50 paise per liter and diesel by 40 paise per liter. By the way, government oil companies have not made any change in the retail prices of petrol and diesel since April 06, 2022.

 

In May, the decision was taken by the government to reduce the excise duty, but it did not affect the retail prices. Last week, oil companies cut the prices of commercial LPG and ATF. Due to this, there was a possibility of a reduction in the retail prices of other petrochemical products.

 

Also Read: Hindustan Zinc Dividend: Hindustan Zinc issued its fourth interim dividend of 2023, these companies are benefiting

1 Like 0 Dislike
Previous news Next news
Other news

Gadar 2: After Gadar 2, will Tara Singh's hammer work in Gadar 3 as well? Sunny Deol's answer increased the restlessness of the fans

Actor Sunny Deol, who got his two and a half kilos of iron in Bollywood, is making a lot of headl

MK Stalin: 'Yogi Adityanath wants to lecture us on hatred, this is comedy', Stalin targets UP CM

Tamil Nadu Chief Minister MK Stalin has attacked Uttar Pradesh CM Yogi Adityanath, expressing str

Vijay Sethupathi: Vijay Sethupathi spoke for the first time on the allegations of harassment, saying- 'She just needed a few minutes...'

South actor Vijay Sethupathi is in the headlines these days. A user on the social media platform

CM Rekha Gupta in action mode: called a meeting of PWD, and Water Board officials, and discussed many issues including broken roads

After 27 years, the BJP government has been formed in Delhi. In the swearing-in ceremony held at

PSL 2024: Khawaja Nafe's stormy innings overshadowed Sahibzada Farhan, and Quetta Gladiators registered a resounding win against Lahore Qalandars.

In the fourth match of Pakistan Super League 2024, Quetta Gladiators defeated Lahore Qalandars by

Jammu Kashmir: Ruckus in the assembly over PDP's proposal to remove Article 370, Abdul Rahim Rather elected speaker

The five-day session of the Jammu and Kashmir Assembly has begun. The session began with the addr

Champions Trophy 2025: Mohammed Shami will be out, Pant will be disappointed again, former batsman told what will be India's playing-11

The Indian team recently defeated England 3-0 in the three-match ODI series. Now Team India's eye

World Cup 2023 Final: 'Keep your head raised..' Yuvraj Singh boosted the morale of Team India after the defeat in the final.

Yuvraj Singh Motivates Indian Team: The Indian team had to face defeat by 6 wickets at the hands

World Cup: Rahul Dravid may leave the post of coach after the World Cup, considering having different coaches after two captains

ODI World Cup 2023 is to start from October 5. The Indian team will look to end the 10-year ICC t

Cannes Films Festival 2024: Aishwarya Rai wreaked havoc on the red carpet, and stole the limelight in a golden black gown

Aishwarya Rai Bachchan's look continues to be a topic of discussion at the Cannes 2024 Internatio

Sign up to write
Sign up now if you have flare of writing..
Login   |   Register
Follow Us
Indyaspeak @ Facebook Indyaspeak @ Twitter Indyaspeak @ Pinterest RSS



Play Free Quiz and Win Cash