Crude Price At 7 Years High: Despite the rise of more than 25 percent in crude oil prices, the price of petrol and diesel has not increased, for this you should be thankful to the assembly elections in five states. Otherwise, the current of inflation was sure to hit the people of the country. Although this relief is only till the declaration of results on March 10, 2022, after that the price of petrol and diesel is bound to increase.
Crude oil will cross $100
Due to the pressure of the government, the government oil companies are not increasing the price of petrol and diesel despite the increase in the prices of crude oil. But after the elections, they will definitely increase the prices to meet the deficit. But the difficulty does not end there because according to international research agencies that monitor crude oil prices, the price of crude oil can go beyond $100. According to Goldman Sachs, the price of crude oil can touch $ 100 per barrel in 2022 and can go beyond $ 105 per barrel in 2023. At the same time, JP Morgan is predicting to touch the price of $ 125 per barrel in 2022 and up to $ 150 per barrel in 2023.
supply not meeting demand
In fact, despite the demand, oil producing countries are not increasing the production of crude oil, which they cut in 2020 after the arrival of Corona. Due to the huge gap in demand-supply and supply disruption, it can have an impact on the prices of crude oil. The crisis in Kazakhstan and Libya is increasing the difficulty. Currently, crude oil remains close to $ 88 per barrel. On December 1, 2021, the price was $ 68 per barrel. That is, in 55 days, the price of crude oil has increased by 27 percent from the lower level. However, there has been no change in the prices of petrol and diesel. There has been no change in the prices of petrol and diesel since November 4, 2021.
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