Will OPEC deal with petrol to stop oil price rallies?

The price of oil in the international market has a direct link to domestic fuel prices. The demand and supply equation is closely linked to the gasoline and diesel price revisions in the Indian market.

In the wake of the coronavirus pandemic, the Organization of the Petroleum Exporting Countries (OPEC) decided to reduce global oil production. This had a direct impact on the crude oil prices of the international market, and as a result, gasoline and diesel prices occurred in India.

Global fluctuations in crude oil prices were not the only reason for the rise in the price of fuel in India, but the government mentioned that it is one of the main reasons. The case was complex. While world crude prices were stable or lower, Indian oil trading companies decided to raise the price of motor fuels due to a drop in demand during the Pandemic in an attempt to make up for the loss suffered.

Now, OPEC has reached an agreement to increase gross production per day by 400,000 barrels per month until fully halted production is restored. As a result, Brent crude prices fell significantly below $ 70 a barrel, 6.75% lower on July 16 from $ 73.59 a barrel. With this fall in world crude prices, Indian gasoline and diesel prices will now fall. .

India’s motor fuel prices have risen rapidly in recent months. The steady rise has violated the price of gasoline 100 brands in various states and cities. It is also selling diesel In some places of 100 liters. The price of diesel in every metro city has exceeded a century.

Rising gasoline and diesel prices are affecting not only drivers, but also those who are not. The massive rise in transportation costs is the burning of the pockets of an ordinary man. This has an impact on the economy as a whole.

On July 21, gasoline and diesel prices did not rise for four consecutive days, with May 3 being the longest break without a price increase. At the moment, it is selling liters of gasoline 101.84 Delhi, while the cost of diesel 89.87 liters. It is selling gasoline in Mumbai 107.83 per liter, while diesel costs 97.45 per liter.

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