Rise in petrol, crude oil at the highest price of the year

New Delhi, Nov 25 (HS): Petrol and diesel prices remain at a constant height. On Monday, the price of petrol in Delhi increased by 12 paise per liter to Rs 74.66, which is the highest price of this year. There is a possibility of a further increase in the prices of petrol and diesel in India due to the increase in the price of crude oil in the international market.

According to the website of Indian Oil, the price of petrol in Delhi was Rs 74.54 per liter on Sunday. There was no change in the price of diesel and it is Rs 65.73 per liter on Monday. Even on Sunday, diesel was Rs 65.73 per liter in Delhi. Petrol price in Mumbai has been increased to Rs 80.32 per liter and diesel price to Rs 68.94 per liter.

The progress in crude oil prices in the international market due to the progress being made towards resolving trade issues between the US and China and the possibility of the crude oil producer and exporter group OPEC agreeing to continue cutting oil production further can withstand.

After the attack on Saudi Aramco’s oil plants in September, there was a strong jump in international oil prices, due to which there was a huge increase in the prices of petrol and diesel in India and in early October. The price of petrol had gone to the highest level this year.

The price of petrol was reduced to Rs 74.61, Rs 77.23, Rs 80.21 and Rs 77.50 a liter in Delhi, Kolkata, Mumbai, and Chennai on October 2, 2019. At this time petrol has gone above this price.

In the international market, the price of benchmark crude Brent crude went to a two-month high in the last trading session and Brent price has increased by about three dollars per barrel this month.

According to energy experts, in the OPEC meeting next month, a decision can be taken to continue the reduction in crude oil production, which will support the oil prices in the coming days. In such a situation, the price of petrol and diesel may increase further.

OPEC is currently cutting 1.2 million barrels a day and it is expected to agree to continue it even beyond March 2020 in the upcoming meeting. Brent crude’s February contract closed at $ 63.37 per barrel on the Intercontinental Exchange (ICE) on Friday last week, while Brent price was $ 60.23 per barrel on 31 October 2019.