New Delhi: Once then the prices of transplanted oil have increased. On Friday, Brent transplanted reached tropical to 83 dollars per barrel. The reason became Iran's new move. Iran has said that it wants to introduce strict rules for ships passing through the Strait of Hormuz. Just without this news, the tension regarding oil supply increased wideness the world and the market gained momentum. On Thursday itself, Brent transplanted jumped 3.8 percent and sealed at 82.49 dollars per barrel. At the same time, American WTI transplanted moreover rose by 2.8 percent to reach 77.29 dollars per barrel.
What is the specimen of Hormuz?
The Strait of Hormuz is the most important oil route in the world. About 20 percent of the world's oil and gas passes through this route. If there is any interruption here then the supply may get disturbed. Without Iran's new proposal, investors felt that the road might be closed. Due to this fear, the prices went up.
What will be the impact on India?
This news is not good for India. Because we import increasingly than 85 percent of our transplanted oil requirement from outside. If oil remains virtually 80-85 dollars for a long time, then three things are certain:
1. The import snout will increase.
If oil becomes expensive, the government will have to spend increasingly dollars. Due to this, the current worth deficit of the country can moreover increase.
2. inflation pressure
As the price of oil increases, everything from transport, factories, electricity becomes expensive. Everything from vegetables to groceries gets affected. There will be a uncontrived undersong on the worldwide man's pocket.
2. Petrol and diesel may wilt expensive.
Right now the companies are not increasing the prices, but if the international rates remain upper like this, then there is every possibility of increase in the rates of petrol and diesel at the pump in the coming weeks.
What are the prices of petrol in major cities of the country on August 7?
- Delhi: Rs 102.12 per liter
- Mumbai: Rs 111.12 per liter
- Kolkata: Rs 113.43 per liter
- Chennai: Rs 107.75 per liter
- Hyderabad: Rs 115.69 per liter
- Bengaluru: Rs 110.93 per liter
What is the latest diesel rate?
- Delhi: Rs 95.20 per liter
- Mumbai: Rs 97.78 per liter
- Kolkata: Rs 99.78 per liter
- Chennai: Rs 99.57 per liter
- Hyderabad: Rs 103.82 per liter
- Bengaluru: Rs 98.79 per liter
What factors depend on the prices of petrol and diesel in India?
The prices of petrol and diesel in the country are not unswayable only by the international transplanted oil prices. Taxes imposed by the inside and state governments, refining costs, transportation expenses, dealer legation and the position of the rupee versus the dollar moreover have a major impact on them.
What could happen next?
If tensions persist in West Asia and transplanted oil prices protract to rise, it may impact the Indian market as well. In such a situation, oil companies may review the prices of petrol and diesel in the coming days. At present, the vision of the drivers are stock-still on the international market and government decisions.
