‘There is no shortage of crude oil in the market, prices have increased due to more demand than supply’

no shortage of crude oil

There has been no change in the prices of petrol and diesel in India since April 7. However, before that there was a sharp increase in prices. Between March 22 and April 6, oil prices increased by Rs 10 per liter

Rise in crude oil prices and Russia Ukraine crisis (Russia Ukraine CrisisDespite the impact on the oil supply, there is no shortage of crude oil in the market at present. This information has been given by a source associated with the Ministry of Finance. ie in the country petrol and diesel ,Petrol and DieselThere is no impact on the supply of ) though its price is at higher levels. At the same time, if the source is to be believed, there is full hope of relief in prices, although there is uncertainty about when crude oil prices will come down. Sources said that it is certain that there will be a fall in crude oil prices, even if this fall is seen soon or it takes time. Whereas crude oil (Crude OilRegarding the rise in prices, the source said that the increase in prices is due to less supply than demand, which has put pressure on the prices.

Crude oil prices rise

After the volatility in crude oil prices in Tuesday’s trade, today crude oil has once again seen an increase. Today Brent crude for July contract is trading near the level of $ 114 per barrel. At the same time, WTI crude has reached the level of $ 115 per barrel for the June contract. On Tuesday, crude oil had slipped near the level of $ 115, and closed at the level of $ 112 per barrel. There has been a sharp fluctuation in oil prices during the last one month. During this, Brent crude came down to $ 103. At the same time, it also reached above the level of $ 115 in a month. Brent crude closed below the level of $ 100 per barrel for only 3 days since February 28. During this, the highest closing level of Brent was at $ 129. At present, the effect of Russia-Ukraine crisis is being seen on crude oil prices. Uncertainty has increased about when this crisis will end, in such a situation there is uncertainty about when the prices of crude oil will come down.

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Petrol and diesel prices stable from April 7

There has been no change in the prices of petrol and diesel in India since April 7. However, before that there was a sharp increase in prices. Between March 22 and April 6, oil prices increased by Rs 10 per liter. At present, due to the rise in crude oil prices, oil companies are incurring significant losses from the sale of petrol and diesel. In view of this, the government is increasing the supply of petrol of 20 percent ethanol blending so that some cost can be brought down.