petrol price in kerala: Petrol-Diesel Price Today: Will oil prices rise or fall? Center and oil companies in hiding! – petrol-rates-today-10th-march-2022-diesel-price-in-kochi-kerala-kozhikode-trivandrum

The Russia-Ukraine war has heated up the global oil market. The assessment was that fuel prices would go up soon after the election heat in the country. But the public is relieved that prices have not risen for the past two days. At the same time, there are allegations that the government and oil companies are hiding behind oil prices. The current allegations stem from companies seeking government permission to raise oil prices while maintaining a system that sets fuel prices in line with international oil prices. They claim that the government is behind the silence of the oil companies when global oil prices plummeted after the government granted concessions.

With the election results coming out today, reports suggest that the bubble’s life is only for the relief of the common man. According to Union Petroleum Minister Hardeep Singh Puri, the rise in global oil prices will push up local fuel prices. At the same time, experts argue that the use of the word “inflation” is a ploy to keep inflation in check. That being the case, it remains to be seen whether oil prices will rise or fall. It is reassuring to know that the barrel price, which crossed $ 130 yesterday, is now close to 112. Experts also point out that oil prices could reach $ 100 a barrel in two weeks. Even if that happens, there is no doubt that local fuel prices will rise. This is because at the time the concessions were granted, the price of oil in the global market was only $ 82 per barrel.

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Global oil prices have risen by $ 35- $ 40 since the start of the Russia-Ukraine war. According to this, petrol in the local market will cost at least Rs 15-25 per liter. Diesel prices will have to go up similarly. But if prices rise so much all at once, inflation will soar. The assessment is that this will make the lives of ordinary people miserable. That is why the companies are trying to consult with the government regarding the increase in fuel prices. India currently has a system of changing local prices in line with rising international oil prices.

The continued volatility of oil in the global market has begun to affect the economies of nations. Most countries are under the threat of inflation following Kovid. Inflation in the US is at a 40-year high. Oil prices are currently at a 13-year high. The beginning of the current crisis is the tightening of sanctions on Russia by world powers. Russia tightens sanctions on oil

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Russia supplies more than 40 percent of European oil demand. At the same time, President Joe Biden’s response was that the United States should not bow to Russia’s threats and that it could meet Europe’s needs. It remains to be seen whether Biden’s promise will be as Ukraine’s. The bottom line is that the global oil price crisis continues. Oil prices are reported to be on the rise. Russia-Ukraine war The global oil market is booming longer than expected.

Canada and Russia have stopped importing oil. Canada bought more than 17,000 barrels of oil a year from Russia. The assessment is that things will drop if other countries follow Canada’s action. Russia has a major role to play in meeting Europe’s oil demand. If these countries decide to leave Russia, other sources will have to be found. OPEC countries that are unwilling to increase oil production after Kovid need to know how far they can meet the needs of the region.

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Things point to the fact that volatility in the oil market will continue even after the war. The previous day’s price of 105 had fallen below 98 per barrel. Russia’s nuclear declarations are complicating matters. With Ukraine making it clear that the US and NATO would not provide military services, the world was of the view that the war would not have further repercussions on international economies. In the current situation, things are unpredictable. The Center had convened a meeting to discuss tax cuts in the wake of rising oil prices.

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The Russia-Ukraine war has shaken up the stock market. In the past, when fuel prices plummeted, companies remained silent in order to raise revenue. The government also remained silent on taxes. During Kovid, the OPEC countries reduced oil production. But companies are not ready to increase production despite rising demand after Kovid restrictions. This also led to a rise in prices. Oil prices are at record highs in the near future. Keeping the price above $ 90 is not comforting.

Last November, the central government reduced the fuel duty. After this, the oil companies went into silence. It is up to the companies to maintain this silence despite the continuous decline in fuel prices. The government also tacitly agreed to this. But now things are in favor of companies. International oil prices have risen by about 20 per cent since November. If local fuel prices rise, inflation is sure to rise.

Fuel prices in major cities

In New Delhi, a liter of petrol costs Rs 95.41. 86.67 per liter of diesel. In Mumbai, a liter of petrol costs Rs 104.46 and a liter of diesel Rs 91.40. In Thiruvananthapuram, a liter of petrol costs Rs 106.36 and a liter of diesel Rs 93.47. Petrol price has crossed Rs 100 here since June 26. In Kochi, petrol is priced at Rs 104.06 per liter. Diesel is priced at Rs 91.40 per liter. Kozhikode: Petrol price reached Rs 100 on August 5. Today, a liter of petrol costs Rs 104.49 and diesel Rs 91.83.

Crude oil prices

Internationally, crude oil is trading at $ 112.35 a barrel. Yesterday it was $ 129.74. Following Kovid, OPEC countries imposed production restrictions to raise oil prices. These restrictions are still in place. Indications are that the OPEC countries will not increase production immediately. At the same time, the rupee appreciated slightly against the dollar. The rupee is currently trading at 76.34 against the dollar. Yesterday, it was at 76.99. The Russian currency, the ruble, has depreciated by more than 50 percent in the wake of the sanctions.

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