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Petrol-Diesel: Saudi Arabia increases the price of crude oil, know from experts – will petrol-diesel be expensive again?

Ajay says that India’s relations with Iran are also good and there is more import of oil from there. India also has good relations with Iran in maritime trade.

Petrol and diesel prices may be affected from May

Can petrol and diesel prices rise once again? Can the common man be hit by inflation once again? Such a discussion has started since a decision by Saudi Arabia. In fact, Saudi Arabia has increased the price of Crude Oil for Asian Countries. According to experts, this happens due to the imposition of premium charge for Asian countries.

European countries have been kept apart from the increase in the prices of crude oil. That is, only Asian countries like India, China, Pakistan will have to pay a premium price. The increased prices will be applicable from next month i.e. May. If petrol and diesel become expensive, then the transportation charge of goods will also increase. If the freight increases, then the prices of other goods including food items can also increase. That is, this inflation will have a direct impact on the common people.

How much did the price increase?

Saudi Arabian oil company Saudi Aramco has raised US $ 0.4 per barrel for Asian countries. On the other hand, for the US and Europe markets, the company has cut 0.1 and 0.2 US dollars per barrel respectively. Explain that at this time the price of crude oil is US $ 61.45 per barrel.

What do experts say?

Ajay Kedia, Head and Commodity Expert of Kedia Commodity Private Limited, says that the Saudi oil company had given a discount for Asian countries last year. At the same time, now it has increased the price of crude oil. After this Saudi decision, the purchasing cost of India will increase and in such a situation it will also have a direct impact on the retail prices of petrol and diesel.

Why did Saudi suddenly increase the prices of crude oil, Ajay Kedia says that the price of oil has broken now and due to this the demand has increased. In such a situation, most of the countries want the oil stock to be taxed and kept and used later. Given this possibility, a decision would have been taken to increase the prices of crude oil.

Crude oil was found in cheap last year

Ajay Kedia said that last year, there was a discount on crude oil for Asian countries. Then Corona was a period of lockdown and India also got crude oil very cheaply. However, petrol-diesel rates were not reduced accordingly.

Ajay says that India’s relations with Iran are also good and there is more import of oil from there. India also has good relations with Iran in maritime trade. Here, Saudi has advised India to use crude oil stocked at low rates last year.

What is India’s strategy?

Last year, when the price of crude oil was going down in the international market, when India bought one crore 67 lakh barrels of crude oil to fill its reserves. The average price of that crude oil was $ 19 per barrel. While the expressions are many times more.

Explain that the Central Government has asked Saudi Arabia to reduce the import of crude oil. The government has said that the country’s refinery should import more crude oil from other countries than Saudi, so that the prices of petrol and diesel do not increase.

Also read: AC does not weigh 1000-2000 kg… then why is it called AC of 1 ton-2 ton? Don’t be confused!

Bhagyashree Soni
Bhagyashree Soni is a software engineer with soft writing skills. She is a degree holder from the International School of Entrepreneurial Leadership. She has been a state-level badminton champion and chess player. A woman with a forthright attitude enjoys her writing passion as her chosen career. Writing in the context of feminism, social-cause and entreprenurship is her forte.

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