On Thursday, the prices of crude oil in the global market have come to the same level as they were before the Iran war. Benchmark Brent crude oil fell at $72 per barrel. This is the same price ($72.29) as it was on February 27, a day before the war began. On June 17, after the agreement between America and Iran, America lifted partial restrictions on the export of Iranian oil during peace talks held in Switzerland. After this, the number of ships passing through the Hormuz route has started increasing. Since Monday, about 80 ships have passed through Hormuz. However, this number is down from more than 100 ships per day before the war. However, despite crude oil being cheap, the prices at petrol pumps may come down only till Dussehra. Companies can recover their losses first. How much relief is there in petroleum prices? According to energy expert Narendra Taneja, the crude oil that is being used to prepare the products like petrol and diesel that we are buying now, was purchased when its price in the international market was around $ 110 per barrel. For Indian refineries these were around $125 per barrel. When will petrol and diesel made from $72 crude reach the pumps? This will take about two and a half months. At the current price, oil will take 15-20 days to be loaded into ships at the ports of the source countries. They will take 55-60 days to reach Indian ports. From there it will take time to reach the refinery and then the petrol pumps. This entire cycle takes 75-80 days. So will the prices reduce immediately after two and a half months? Its possibility is less. Currently, oil marketing companies are incurring a loss of around Rs 7.5 per liter on petrol and diesel. The government had also reduced the excise duty by Rs 10 per litre. This can be compensated for in a few days. Only after that the prices of petrol and diesel are likely to come down. When can we get relief? The prices of petrol and diesel will start decreasing around Dussehra. We can also expect that some relief will start coming by the end of August or beginning of September. Will crude oil prices increase again? I do not think that crude oil prices will increase in the near future. Such apprehensions are now very less. Also read this news… Case filed against Snapchat in rape case of a girl in America: Rapist reached the girl through its feature, it has 25 crore active monthly users in India. A case has been filed against the parent company of social media app Snapchat, Snap, in Missouri, America. The lawsuit alleges that the platform is responsible for the rape of a 12-year-old girl. Read the full news…
Source link
[ad_3]
Crude oil price before Iran war at 72 dollars: Energy expert said – relief in petrol and diesel prices is possible only till Dussehra.
