International Crude in the market OilThe price is at a one-year high. The benchmark crude oil Brent crude is moving above 61 61 a barrel although it is at its highest level since January 24, 2020. Brent crude for April delivery traded up 0.58% at 61 61.05 a barrel on the Intercontinental Exchange (ICE) in international futures market on Tuesday. The West Texas Intermediate (WTI) March contract on the New York Mercantile Exchange traded up 081% to 58 58.44 a barrel last session.
The energy expert said the rise in prices is expected to boost demand for oil with the recovery in the global economy, which is supported by a decline in oil production. The rise in prices is also due to increased production and demand in the producing countries.
Impact on petrol and diesel prices
The impact of rising crude oil prices is also being felt on petrol and diesel prices. Petrol and diesel prices rose sharply again on Tuesday after a three-day hiatus. Petrol prices are going above Rs 87 per liter in Delhi for the first time. In Delhi, petrol and diesel prices have been hiked by 35 paise per liter.
Prices on Tuesday in major cities
Petrol prices were hiked by 35 paise per liter in Delhi, 33 paise in Kolkata, 34 paise in Mumbai and 31 paise per liter in Chennai on Tuesday. Diesel prices have been hiked by 35 paise per liter in Delhi and Kolkata, 37 paise in Mumbai and 33 paise per liter in Chennai. According to Indian Oil’s website, petrol prices have gone up to Rs 87.30, Rs 93.83 and Rs 89.70 per liter in Delhi, Kolkata, Mumbai and Chennai. Similarly, diesel prices in Delhi, Kolkata, Mumbai and Chennai rose to Rs 77.48, Rs 81.06, Rs 54.36 and Rs 82.66 per liter, respectively.
Will the price still go up
Experts believe that the effect of crude oil prices on petrol-diesel is generally seen. Anuj Gupta, vice-president, Angel Broking, says that if the rise in crude oil prices continues, the impact on petrol-diesel could be felt in the coming days. Rising crude oil prices increase the costing of oil companies, which will have an impact on the pockets of the general public in the form of rising petrol-diesel prices.