Now you should be ready to pay more at the petrol pump, because the price of petrol and diesel may increase by up to two rupees. It is being told that this increase may be due to rising crude oil prices.
Let us know that on the expectation of getting the Corona vaccine, on Monday, the price of crude oil in the global market rose by more than two per cent and on Tuesday was also up. Crude prices have reached $ 47 per barrel for the first time since March.
Oil brokerage firms say fuel consumption is projected to increase in 2021 with expectations of overcoming Covid-19. Continuous testing has also raised hopes of a vaccine soon and oil consumption is accelerating. Brent crude rose to $ 46.72 a barrel due to increased demand.
This is the highest level since March 6. WTI also sold at $ 43.38 per barrel. OPEC and allied countries had cut production by 120 million barrels to control crude prices, but prices had remained around $ 40 since March under pressure from the epidemic.
Petrol in Delhi has risen 95 paise to Rs 81.59 per liter in 5 days. Market experts say that by early 2021, crude could reach $ 58. OPEC countries will also meet on November 30 for production and prices.