Petrol prices may be reduced in the country. Petroleum Minister Hardeep Puri on Tuesday said the world has enough crude oil and more supplies are coming into the market from countries like Brazil and Guyana, which is expected to bring down oil prices in the future.
no shortage of oil
The Union Minister told the media during an event here that there is no shortage of oil. However, geopolitical tensions have led suppliers to avoid conflict areas, leading to higher freight and insurance charges. This increases oil prices. The BJP leader expressed hope that diplomacy will be given priority in the times to come.
We are confident that we will handle any situation, just like in the past. India imports more than 85 percent of its oil needs. Any increase in global rates not only impacts import bills but also increases inflation. After Iran’s missile attack on Israel, international oil prices reached $ 78 per barrel, whereas earlier this month the prices were around $ 70. However, with no immediate response from Israel, oil prices are hovering at $73-74 per barrel.
Israel can launch a major attack
In fact, after the Iranian missile attack, it is being speculated that Israel may target oil or nuclear plants in Iran. In retaliation, Tehran could choose to attack Israel directly or close the Strait of Hormuz. The Strait of Hormuz, located between Oman and Iran, connects the Persian Gulf to the Gulf of Oman and the Arabian Sea. About 20 percent of crude oil goes to different countries through this route.
What are the prices of petrol and diesel?
In Delhi, the price of one-liter petrol is Rs 94.72 and the price of diesel is Rs 87.62 per liter. At the same time, the price of petrol in Mumbai is Rs 103.44 per liter and the price of diesel is Rs 89.97 per liter. The price of petrol in Kolkata is Rs 104.95 per liter and diesel is Rs 91.76 per liter.
