After a two-day break in petrol prices, the growth in price recorded on Tuesday, while the price of diesel continued to increase for the second consecutive day. Oil marketing companies have increased the price of petrol by five paise and diesel by five to six paise per liter. However, the price of crude oil seems to get weaken in the international market once again.
According to IndianOil website, the price of petrol has increased by five paise per liter, its price has gone up by Rs. 73.13 in Delhi, Rs 75.15 in Kolkata, Rs 78.70 in Mumbai and Rs 75.90 in Chennai. In four metro cities, the price of diesel has also risen to Rs 66.71, Rs 68.45, Rs 69.83 and Rs 70.44 per liter respectively.
Diesel has become costlier by five paise per liter in Delhi, Kolkata and Chennai and six paise per liter in Mumbai. At the same time, the price of petrol in the four metros has increased by five paise per liter. Due to the rising prices of petrol and diesel, inflation may increase in the coming days, because the direct impact of the increase in oil prices falls on the value of goods and services.
Brent crude on the International Forward Markets ICE was trading at $ 71.33 a barrel, down 0.21 percent compared to the previous session. According to the commodity market experts, prices are soft on expectations of an increase in crude oil production. According to experts, in fact, in the coming months, crude oil production is expected to grow in the US. After this, the US has asked OPEC, a group of oil-producing nations to increase the oil production so that the reduction in crude oil supplies due to the US ban on Iran could be met.
However, some analysts suspect that before the OPEC meeting in June, the group of oil producing countries could take a big decision. Nonetheless, OPEC's decision is awaiting, therefore, the situation in the market has remained a bit upbeat about the crisis arising due to the supply of oil in the coming days.
Actually, the United States has decided to ban Iran from exporting oil and not to extend the deadline for the exemption given in November to countries buying oil from India along with India. According to him, due to slow pace of factory productivity in China this month, the price of crude oil has come down because China is a major importer of crude oil.