crude oil
Uncertainties over the talks between America and Iran regarding the West Asia crisis are beginning to affect India as well. Commercial cylinders have become costlier by Rs 994, although the government has maintained stability on the prices of domestic cylinders and petrol and diesel. According to experts, the impact of the rise in crude oil prices in the global market cannot be avoided for long due to the impact on the pockets of common Indians.
The situation is that there was a huge increase in the prices of crude oil in the international market on Thursday, which has moderated today. Despite this, the burden on Indian oil companies in purchasing crude oil is increasing, because the price of crude oil is hovering near or beyond hundred dollars.
Tea, breakfast and marriage will all be affected.
For the first time since 2022, the price of crude oil had crossed $125 on Thursday. The standoff in West Asia and the Hormuz tension, along with the rift in OPEC and the disappointment over the interest rate cut by the US Federal Reserve, took oil prices to an all-time high. Although it softened today, the biggest question is what will happen to the price of petrol and diesel in India? How will the oil companies, which are already facing huge pressure, be able to withstand this rise in crude oil prices? Can the prices of petrol and diesel be increased to reduce the pressure? Meanwhile, there has been a huge increase in the prices of commercial cylinders, this cylinder has become costlier by Rs 994 from today. It is available in Delhi for Rs 3071.50. The price of five kg Free Trade LPG (FTL) cylinder has been increased by Rs 261. After this increase, now the refill price of small cylinder It has become Rs 813.50. Due to increase in the price of commercial cylinders, the expenses of restaurant owners will increase. In such a situation, they can make tea, breakfast and thali expensive. Catering of weddings can also become expensive.
Impact of rising oil prices cannot be avoided for long.
Indian Oil Corporation has issued a statement saying that there is no change in the retail prices of petrol, diesel and domestic LPG (14.2 kg cylinder), thereby making the domestic consumers completely protected from the recent increase in international fuel prices. There is no change in the prices of domestic LPG (14.2 kg) for 33 crore domestic LPG consumers. There is also no change in the prices of ATF for domestic airlines (regular flights). Total Overall, prices of about 80% of petroleum products have remained unchanged, ensuring stability for most consumers. Prices of bulk and commercial LPG cylinders (less than 1% of total consumption) have been revised.
Reduction in prices of petroleum products
Bulk diesel and ATF prices for international airlines have been increased. Also, prices of petroleum products have decreased by about 4%, reflecting the dynamic nature of global price fluctuations. These measures reflect the well-planned and balanced approach adopted by OMCs under the guidance of the Ministry of Petroleum and Natural Gas, aimed at keeping in line with global market trends while ensuring the safety and economic stability of domestic consumers.
