Crude Oil Price Rises Above 124 Dollar Per Barrel On 31st May 2022 Due To European Union Ban On Russian Oil By 2022 End

Crude Oil Price Hike: The European Union has decided to...

Crude Oil Price Hike: The European Union has decided to ban crude oil imported from Russia by the end of 2022, due to which the prices of crude oil in the international market have caught fire. After this decision of the European Union, the price of crude oil has reached $ 124 per barrel. Brent crude oil is currently trading at $123.80 per barrel. In fact, a meeting of 27 EU leaders was held in Brussels in which it has been decided to ban two-thirds of crude oil imported from Russia by the end of 2022.

blow for india
This decision of the European Union will increase the problems of European countries, which are dependent on Russia for 35 percent crude oil. But India’s trouble is also going to increase. Because after the rise in crude oil prices, India will have to buy crude oil at expensive prices. Petrol diesel can be expensive again in the country. Due to which not only will there be a burden on the pockets of the common people, but inflation will also increase. In India, petrol diesel has already become costlier by Rs 10 per liter between 22 March and 6 April 2022. However, to give relief to the common people, the government has reduced the excise duty on petrol and diesel. Excise duty has been reduced by Rs 8 per liter on petrol and Rs 6 per liter on diesel. But the kind of increase in the prices of crude oil, in such a situation, the process of increasing the price of petrol and diesel can start again. The inflation of which can increase even more. Anyway, government oil companies are facing huge losses for selling petrol and diesel.

Prices rise due to relaxation of lockdown in China
Earlier, after Russia’s attack on Ukraine, the price of crude oil in the international market reached the highest level of $ 139 per barrel for the first time since 2008. The decision to ban the import of crude oil from Russia has accelerated, as well as due to the relaxation of the lockdown imposed due to Corona in China, there is a rise in the prices of crude oil. In fact, due to the relaxation of the lockdown in China, the demand for crude oil will increase and due to the reduction in supply, prices may see a further rise.

Know what is the price of petrol diesel at present
If you look at the prices of petrol and diesel in four metros, then petrol is available in Delhi for Rs 96.72 and diesel for Rs 89.62. Petrol in Mumbai is available at Rs 111.35 and diesel at Rs 97.28, in Chennai for Rs 102.63 and diesel for Rs 94.24 and in Kolkata for Rs 106.03 and diesel at Rs 92.76 per litre.

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