Already advanced India’s crude oil basket prices are rising
India’s crude oil price is rising on an already high daily cost basis for June, rising to over $115 a barrel as compared to $109.51 in May and $102.97 in April.
The Government of India, on 21 May, reduced the excise duty on petrol by Rs 8 per liter and on diesel by Rs 6 per liter to counter rising inflation and avoid pass-through of higher fuel rates as it would increase pressure. had to face. Further prices.
While this reduction in prices more or less compensates for the increase in prices. petrol and diesel price When state retailers reintroduced revisions in late March, unless the government decides to ease the burden on the common man again, fuel rates are unlikely to come down anytime soon.
according to Report of Petroleum Planning and Analysis Cell on FridayIndian crude oil price on June 2, 2022 was $115.17 per barrel, (Rs/$) at an exchange rate of 77.59, underscoring the all-time high average for June and based on trading patterns in international oil markets. Likely to stay. ,
The EU’s partial ban on Russian crude is likely to propel oil prices up in the near future, at least until the Ukraine war ends and China begins easing COVID-led sanctions Until then, demand from the world’s largest consumer increases.
Indeed, oil prices settled higher on Friday, in support of hopes that OPEC’s decision to raise production targets slightly higher than planned will not add so much to global supplies, which should tighten as China eases COVID restrictions. has made it.
On Thursday, the Organization of the Petroleum Exporting Countries and Allies, known as OPEC+, agreed to boost production to 648,000 barrels per day (bpd) in July and August, as previously agreed. was done.
Brent crude was up $2.11, or 1.8 per cent, at $119.72 a barrel. US West Texas Intermediate (WTI) crude rose $2, or 1.7 percent, to $118.87. Both benchmarks were up $3 in after-hours trading.
US crude posted a sixth weekly gain on tight US supplies, which prompted talk of fuel export restrictions or an unexpected tax on oil and gas producers.