Crude Oil Price: In the year 2021, the rate of petrol has increased by about 11 percent. The price of crude oil has registered a rise of more than 25 percent this year.
Petrol becomes 55 paise expensive at the speed of 1 dollar in crude oil.
Petrol Diesel price Updates: Petrol and diesel rates continue to rise. Petrol has crossed Rs 100 per liter in the financial capital Mumbai. At present, the rate of petrol in Mumbai is about two times that of the US financial capital New York. On the other hand, there is a continuous increase in the price of crude oil. At present, the price of Brent crude in the international market is $ 70.40 per barrel. On June 1, it had reached the level of $ 71.32. This is the highest level in the last two years.
In the year 2021, the rate of petrol has increased by about 11 percent. On January 1, the rate of petrol in Mumbai was Rs 90.34 per liter, which has now increased to Rs 100.72 per liter. Talking about diesel, today the price of one liter of diesel in Mumbai is Rs 92.69. On January 1, this price was Rs 80.51. In this way, more than 15 percent increase has been registered in diesel. Talking about Brent crude, its price was $ 55.88 per barrel in January, which has now increased to $ 70. In this way, Brent crude has gained 25 percent.
Appeal to the government to cut taxes
Regarding the price of petrol and diesel, Bharat Petroleum Corporation Limited Finance Director N Vijayagopal said that if the government does not reduce the tax and the price of crude oil in the international market also increases continuously, then we have no option but to increase the price. .
The price of petrol per liter in New York is Rs 57
According to a Bloomberg report, at present the rate of petrol in New York is around Rs 57 per liter. It has been said in the report that in the midst of the Corona crisis, the Modi government increased the sales tax on petrol and diesel greatly to improve its financial condition. The share of tax in the retail price of petrol and diesel is about 60 percent. Compared to 2013, the rate of diesel has increased by six times.
Consumption down by a third in May
India is the third largest oil importer in the world. The demand for oil has dropped significantly in May due to the local lockdown. Petrol-diesel sales in May 2021 have been one-third less than in May 2019. The income of the government is continuously decreasing, due to which it is continuously increasing the tax burden.
There is every possibility of a rise in crude oil
Talking about crude oil, there is every possibility of a rise in its price. According to a Reuters report, the demand for oil is expected to increase in the US summer season. There the vaccination program is in full swing and more than half the population has received both doses. America consumes the most oil in the world. Apart from this, the demand for oil from Europe is also expected to increase. In such a situation, if the price of crude oil increases, then the retail rate will increase further.
How much effect on the bullish price of 1 dollar
A dollar increase in the price of crude oil in India makes petrol 55 paise per liter and diesel 60 paise expensive. In such a situation, the hope of oil companies is now from the government. If it does not cut taxes, the price will go up further.
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