Crude Oil & Petrol Diesel
It has been two years since the Ukraine-Russia war. Last year, America, EU and G7 had imposed various restrictions on Russian oil. Which also included a cap on the price of Russian oil. Now there is an allegation of violation of this cap. Due to which notices have been sent to ship management companies of 30 countries. This is not a common notice. America can also take action against many companies. If American action is taken, there may be an impact on oil supply.
The effect of this inquiry order has also started becoming visible. There may be a decline in the supply of Russian oil in the market. The effect is that the price of Brent crude oil has increased by about one and a half percent. On the other hand, this much impact has not been seen on American oil. If the supply tension continues for a longer period, further increase in the price of crude oil may be seen. This means that America’s investigation on Russian oil can again invite inflation all over the world. Let us also tell you at what level the prices of crude oil have reached at present.
Russian oil embargo violation will be investigated
America and EU had imposed a cap of $60 along with ban on Russian oil. During the Ukraine-Russian war last year, when Russia started selling cheap oil to the rest of the world after the sanctions, America and EU said that Russia cannot sell it at more than $60 per barrel. Even after that America has doubts. According to the information, the US Treasury Department has sent a notice to ship management companies asking for information about 100 ships which are suspected of violating Western sanctions on Russian oil. America and its allies had imposed sanctions on Russia. So that Russia’s source of income reduces. The G7, the European Union and Australia last December imposed a limit of $60 per barrel on sea exports of Russian crude oil. This deprives Western companies of all services such as transportation, insurance and finance for oil sold above the cap.
What will be the effect of this investigation?
After this investigation, there may be a decline in the supply of Russian oil. The effect of which can be seen in the price of crude oil. In fact, the effect of sanctions on Russia and investigation on its oil will be visible on Brent crude oil. The important reason for this is being a member of OPEC. OPEC, the organization of oil producing Gulf countries, also regulates oil prices. A cold war has also been going on between America and OPEC. America has always wanted to regulate oil prices. In such a situation, it is very important to weaken Brent and OPEC. Action on Russia is a part of this. Due to which the price of Brent crude oil will increase.
Brent price rises
This can be realized by looking at the prices. There was an increase of about one and a half percent in the price of Brent crude oil on Monday. A rise of 0.50 percent is being seen on Tuesday morning. The price of Brent crude oil has come close to $ 83 per barrel. On the other hand, no significant change has been seen in the price of American oil. At present, the price of WTI has increased by 0.57 percent to $ 78.65 per barrel.
Is inflation getting a treat?
Is the US investigation inviting inflation in the world? It seems to be something like this. Crude oil prices in the world may increase inflation. America and Europe are currently struggling with inflation. Inflation figures in India have appeared low on paper, but there has been no change in fuel prices for almost one and a half years. If there is an increase in the prices of crude oil, then there may be an increase in inflation figures again in the coming days.
Petrol and diesel price in India
On the other hand, there has been no change in the prices of petrol and diesel in India. The last change in the prices of petrol and diesel in the metropolitan cities of the country was seen on May 21. At that time, the country’s Finance Minister Nirmala Sitharaman had reduced the tax on the price of petrol and diesel. After that some states tried to influence prices by reducing or increasing VAT. The interesting thing is that ever since the prices of petrol and diesel started changing daily in the country as per the international market, this is the first time that petroleum companies have not made any changes during the record timeline.
Price of petrol and diesel in major cities of the country
- New Delhi: Petrol rate: Rs 96.72 per liter, Diesel rate: Rs 89.62 per liter
- Kolkata: Petrol rate: Rs 106.03 per liter, Diesel rate: Rs 92.76 per liter
- Mumbai: Petrol rate: Rs 106.31 per liter, Diesel rate: Rs 94.27 per liter
- Chennai: Petrol rate: Rs 102.63 per liter, Diesel rate: Rs 94.24 per liter
- Bengaluru: Petrol rate: Rs 101.94 per liter, Diesel rate: Rs 87.89 per liter
- Chandigarh: Petrol rate: Rs 96.20 per liter, Diesel rate: Rs 84.26 per liter
- Gurugram: Petrol rate: Rs 97.18 per liter, Diesel rate: Rs 90.05 per liter
- Lucknow: Petrol rate: Rs 96.57 per liter, Diesel rate: Rs 89.76 per liter
- Noida: Petrol rate: Rs 96.79 per liter, Diesel rate: Rs 89.96 per liter