New Delhi: There has been a big ripen in the prices of transplanted oil in the international market during the last one week. Although oil prices registered a slight rise on the last trading day of the week, overall both Brent transplanted and US WTI transplanted have slipped by well-nigh 8 per cent. In such a situation, the biggest question is whether there will be relief in the prices of petrol and diesel in India.
How much did transplanted oil wilt cheaper in a week?
The price of Brent transplanted in the international market has reached 80.57 dollars per barrel. A week ago its price was whilom 87 dollars per barrel. Similarly, American WTI transplanted has moreover come lanugo to 77.54 per barrel. According to experts, in the last seven days both the major benchmarks have registered a ripen of well-nigh 8 per cent.
What is the reason for the fall in oil prices?
Experts believe that the reduction in tension in the Middle East and the possibility of a armistice between Israel and Hezbollah have given relief to the market. Apart from this, the news of possible try-on between Iran and America has moreover reduced the concerns regarding oil supply. Investors are hopeful that the supply of oil in the global market may increase in the coming time.
What will be the impact of Iran-US agreement?
According to reports, without the try-on between Iran and America, the way may be cleared for supply of millions of barrels of spare oil in the global market. If the sanctions imposed on Iranian oil are relaxed, the supply in the market will increase, which may put remoter pressure on prices.
Can transplanted oil reach 60 dollars per barrel?
Many international financial institutions believe that if peace continues in the Middle East and oil supplies return to normal, transplanted oil prices may fall remoter in the coming months. Some analysts estimate that Brent transplanted may reach the level of 60 to 65 dollars per whisk in the next 6 to 12 months.
Will petrol and diesel wilt cheaper in India?
Despite the fall in transplanted oil prices, there seems to be little possibility of firsthand relief in the prices of petrol and diesel. Experts say that in recent months, oil marketing companies had to suffer huge losses due to transplanted oil inflation. Companies would like to recoup for that loss first.
What are the prices of petrol and diesel in major cities of the country?
According to Indian Oil data, petrol is stuff sold at Rs 102.12 and diesel at Rs 95.20 per litre in Delhi. Whereas in Mumbai petrol is Rs 111.21 and diesel is Rs 97.83 per litre. In Kolkata, petrol remains at Rs 113.51 and diesel at Rs 99.02 per litre, while in Chennai petrol remains at Rs 107.77 and diesel at Rs 99.55 per litre.
What is expected next?
Experts believe that if the prices of transplanted oil in the international market reach 75 Dolalr per whisk or below, then the possibility of reduction in the prices of petrol and diesel in India may increase. At present, the vision of investors and consumers are stock-still on the developments in the Middle East and the movement of the global oil market.
