Crude Oil Price Hike: Crude oil prices again on fire !

Crude Oil Price at $111 a barrel: Once again on Monday, crude oil prices are in turmoil. On the international market, the price of crude oil reached nearly 111 dollars per barrel. While after crossing $130 a barrel last week, crude oil slipped below $100 a barrel.

But due to the ongoing war between Russia and Ukraine and the lack of a positive outcome from the talks between the two countries, international crude oil benchmark Brett is once again trading above $111 a barrel.

Why the price of crude oil has risen again

According to experts, there are rising crude oil prices for two reasons. The first is the Russian-Ukrainian war and the second reason is the increase in corona infection cases in China. Officials from Russia and Ukraine meet, so this conversation turns out to be fruitless. The President of Ukraine expresses the possibility of a Third World War, so crude oil prices are also boiling.

Crude oil will be more expensive

Crude oil prices are skyrocketing. In 2022, there was a jump of more than 40% in crude oil prices, for two months, crude oil prices have been seen to increase continuously. As of December 1, 2021, the price of crude oil was $68.87 per barrel. Which is now trading at nearly $111 a barrel. These increases in crude oil prices are of most concern to Indians, who depend on imports for their consumption. India imports 80% of its fuel consumption.

Diesel prices have increased for these

For state railways and highways and other large users, government oil companies have dramatically raised diesel prices up to Rs 25 per litre. However, there has been no change in gasoline and diesel prices sold at the gas pump so far. While crude oil has become more expensive by more than 50% since December 1.

There has been no change in gasoline and diesel prices in the country since November 4, 2021. Previously, prices were left unchanged during assembly elections in five states across the country, but it is now believed that the government is crafting these measures to impose the least possible burden on the common man.

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