If you are expecting a reduction in petrol and diesel prices, there may be setbacks to your promises. The crisis may escalate following the recent dispute between Saudi Arabia and the UAE. Monday’s OPEC Plus meeting was indefinite. Also, there has been no comment yet regarding the next meeting. In this case, after this new controversy, the prices of crude oil will go up and the effect will be visible to you.
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What caused the controversy
Saudi Arabia proposed extending the current contract to 2022 with the increase in production. The UAE is opposed to this proposal. Riyadh believes the impact of the epidemic is still on the market. In such a situation, harmony in the market can be maintained by moving the contract forward.
What is the decision at the June 1 meeting
The Oil Exporting Organization (OPEC) and its allies have decided to increase oil production to 2.1 million barrels per day. In fact, OPEC and its associated manufacturing countries are facing conflicting pressures on global oil markets. In some countries, such as India, there is an economic resurgence in some countries, which is expected to increase demand, while demand for Covid-19 infection is expected to decrease. After considering all the factors, the decision was taken to increase the firm’s oil production.
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What affects India
There may be a one-time increase in crude oil prices. It could once again reach $ 80 a barrel. Crude oil prices in India have hit $ 60 to $ 75 a barrel since January. This has caused the price of petrol to exceed 100 in different parts of the country.
Between March and May last year, the central government increased the excise duty on petrol by Rs 13 per liter and diesel by Rs 16 per liter. Currently, the petrol costs Rs 32.98 on petrol and Rs 28.35 on diesel. Excise duty is being collected. Petrol and diesel prices are skyrocketing due to tax and expensive crude oil.
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