Even today the price has not changed.
India imports 27 per cent of its oil requirement from Iraq, 17 per cent from Saudi Arabia and 13 per cent from UAE. India’s oil import bill can reach $ 115 billion in the financial year 2021-22.
Crude oil in the international market (Crude oil) has softened slightly and it has come down from the level of $ 124 per barrel to the level of $ 115. However, its domestic market petrol and diesel price ,Petrol Diesel Price) has not had any effect. The price of petrol and diesel has been released by the oil marketing companies for today. There is no change in the price even today. Petrol is being sold in Delhi today at Rs 96.72 and diesel at Rs 89.62 per liter. Today in Mumbai the price of one liter of petrol is Rs 111.35 and that of diesel is Rs 97.28. In Chennai, the cost of a liter of petrol is Rs 102.63 and that of diesel is Rs 94.24. At the same time, the price of petrol in Kolkata is Rs 106.03 and the price of diesel is Rs 92.76 per liter.
This week, it has been decided by the Oil Producing Nation (OPEC +) to increase production. In the months of July and August, OPEC+ countries together will produce 6.48 lakh barrels of oil on a daily basis. Ajay Kedia of Credit Commodity said that the demand in the global market is much higher, while the production has not picked up accordingly. In such a situation, the price of oil in the international market will continue to rise. In such a situation, there is no possibility of reduction in the price of petrol and diesel in the domestic market at the moment.
Oil will remain bullish for now
Due to the attack on Ukraine, the sixth phase of ban has been imposed by the European Union on Russian oil imports. This will affect 75 percent of the oil imported from Russia. It plans to ban 90 percent of Russian oil imports by the end of this year. In such a situation, the shortage of oil will continue in the coming times, whose effect will also be visible on the price.
How much does India import from which country?
India imports 27 per cent of its oil requirement from Iraq, 17 per cent from Saudi Arabia and 13 per cent from UAE. According to the PPAC report, India imported oil worth $ 94.3 billion in the ten months between April and January in the fiscal year 2021-22. The oil import bill in January 2022 was $ 11.6 billion, which was just $ 7.7 billion in January 2021, just a year ago. In this way, a jump of 50.64 percent was registered in the bill on an annual basis. According to the report, India’s oil import bill can reach $ 115 billion in the financial year 2021-22.