Worrying: 'Fire' will start in petrol and diesel even before the elections, know what is the reason for the increase in price

Worrying: ‘Fire’ will start in petrol and diesel even before the elections, know what is the reason for the increase in price

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New Delhi. Although the state-owned petroleum companies have not made any major changes in petrol and diesel prices for more than three months, now there is increasing international pressure on them to increase the prices.

Many analysts were assuming that the prices of petrol and diesel are going to increase after the assembly elections in five states, but in the current circumstances, it seems that there will be a big jump in the prices before this. Due to the ongoing tension between Russia and Ukraine, supplies have been affected and international crude oil prices are increasing continuously.

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Crude oil reached above $ 94
On Friday, Brent crude futures on MCX rose 3.3 percent to $ 94.44 per barrel, which is the highest level since 2014. Similarly, the US market’s crude oil WTI has also increased by 3.6 percent to $ 93.10 per barrel. This is rarely seen when the difference between the prices of Brent crude and WTI remains so small.

The whole world will bear the anger of Russia
The US has warned that Russia may attack Ukraine at any time and has advised its citizens to leave Ukraine within 48 hours. If this happens, the world’s supply from Russia, one of the largest oil producers, will be affected. This will definitely have a direct impact on the crude oil prices and the retail prices in the domestic market will also increase.

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Record consumption forecast this year
The International Energy Agency (IEA) has raised the demand for petroleum products for 2022. The agency says that this year the total fuel consumption may increase by 3.2 million barrels per day. With this, the daily consumption of fuel will increase to 100.6 million barrels worldwide. The Organization of the Oil Producing Countries (OPEC) has also forecast an increase in fuel consumption this year.

increasing volatility
Along with the increasing tensions between Russia and Ukraine, volatility in the international market is also increasing. On Wednesday, there was 53 percent volatility in US crude futures for March, which has gained 16 percent. The highest bid was for $ 95 per barrel. This means that by March, the price of WTI can even cross $ 95 per barrel.

Tags: Petrol and diesel, Petrol price hike

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