Crude oil price hike: Crude oil prices in India have reached the highest level of almost three years, which is directly affecting the pockets of the general public. Petrol-Diesel prices have seen an increase in the domestic market today. Whenever there is a jump in the prices of crude oil, then its direct burden falls on the consumers. However, when there was a fall in crude oil prices, the central government had increased the excise duty, due to which consumers had to spend more money for fuel even at that time. The Center has earned about 16 lakh crores through excise duty on petroleum products between FY 2015 and FY 2021.
Excise duty increased during the pandemic
A major reason for the jump in retail prices in recent times has been the Centre’s excise duty. While the share of states in the retail price has remained constant. After the end of 2014, the Centre’s share in this has increased manifold. In the year 2020, even during the epidemic, excise duty was increased.
Why is the price of crude oil coming up?
The results in the meeting of OPEC countries have come out differently than expected, due to which prices are seeing a rise. Before the meeting, it was expected that due to increase in demand, production would also be increased accordingly, but OPEC countries have increased production by only 4 lakh barrels per day. Due to this, the prices of crude oil in the international market have increased by about 2.5 percent. At the end of yesterday’s trading, the price of Brent crude had crossed $ 81.
How much did you jump?
On MCX, crude oil for delivery in October has seen an increase of Rs 35 or 0.62 percent. After this increase, the price of crude oil rose to Rs 5,651 per barrel. At the same time, the price of oil for November delivery rose by Rs 36, or 0.64 per cent, to Rs 5,642 per barrel, with a business turnover of 931 lots. The value of the contracts executed so far in the months of October and November is Rs 878.81 crore and Rs 32.19 crore respectively.
WTI crude up 3.02%
West Texas Intermediate (WTI) crude rose 3.02 per cent to $78.17 a barrel, while London-based international benchmark Brent crude was up 3.17 per cent to $81.79 a barrel. Due to the decision taken by OPEC +, there is a jump in the prices of crude oil.
How was the consumption of petrol-diesel and crude oil?
Apart from this, talking about the average consumption of petrol and diesel in India, there was a big decline during the epidemic. In September 2020, the average consumption of petrol and diesel reached 5222. The same consumption was 6929 in April 2021. There was also a big decline in the import of crude during the Corona epidemic. In October 2020, the import of crude had come down to 14924. Apart from this, the same import had increased to 18451 in May 2021.
From where does India buy crude oil?
Apart from Saudi Arabia, India buys the most oil from America, UAE, Iraq. Iraq has been a major supplier to India for the past several years. It can be clearly said that if the price of crude oil continues to rise, then the price of petrol and diesel in the country will see a further increase, which is bound to put a burden on the pocket of the common man.
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