If the production of crude oil increases, the price of petrol and diesel will decrease
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Petrol Diesel Prices Update: Next week, on November 4, a meeting of OPEC countries and non-OPEC ministers is going to be held through video conferencing. In this meeting, a decision can be taken on the production of crude oil in the coming months.
Why will the price drop?
According to the information, 13 oil producing countries of the world can participate in this meeting. Reports are telling that in this meeting a decision can be taken to increase the production of crude oil. If this happens, the availability of crude oil will increase against the current demand and the price will decrease. Its direct effect will be that petrol-diesel will also become cheaper in India.
On the other hand, Iran (IRAN) will also start talks with the United States on this issue from next week. In such a situation, pressure can be seen on crude oil prices for the next few days. Therefore, there can be some relief from the increasing daily petrol-diesel prices in India.
Because of this the price increases
India has kept the prices of petrol and diesel in the market for a long time. According to the way the price of crude oil rises at the international level, on the same lines, the burden on our pocket increases. Brent crude is trading around $85 per barrel.
About 61 years ago today, in September 1960, Iran, Iraq, Kuwait, Saudi Arabia and Venezuela established the crude oil producer organization OPEC in Baghdad.
How to get help from friends
India buys crude oil from countries like Iraq, America, Saudi Arabia and Russia. All these countries are part of the OPEC organization. India also has a good friendship with all of them. If all these countries agree to increase the production of crude oil in the meeting to be held next week, then there can be relief in the expenditure on petrol and diesel in our country.
So far in the month of October, the prices of petrol and diesel have increased 23 times. In both the things, there has been an increase from seven and a half to 8 rupees in Delhi.
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