New Delhi: Due to global uncertainties, crude oil prices are steadily declining. In such a situation, hope is increasing that the government can soon cut the prices of petrol and diesel in the country. The reason for this is that Group OPEC of the recent oil producing countries has decided to increase the supply of oil even more. It is being said that this move of OPEC can reduce the prices of crude oil in international markets.
The rate of US crude oil has fallen by $ 2.49, or 4.27 percent, and has come to $ 55.80 per barrel. However, the price of Brent Crude Oil has fallen by $ 2.39, or 3.9 percent, and it has come to $ 58.90 per barrel. Let us tell you that this year the prices of crude oil have been seen to see the biggest drop of up to 20 percent so far.
In fact, Saudi Arabia, who led a group of 8 producer countries of crude oil, has agreed on Saturday that they can increase the production of crude oil to 4,11,000 barrels per day in the month of June. This decision of Saudi Arabia has come at a time when OPEC+ countries have surprised the market with the decision to increase its crude oil production in May.
Diesel demands in the country gained nearly 4 percent in April. After several months of negative or low lead, the conjunction of diesel has increased with the onset of summer in April. Diesel is the most conjunctive fuel in the country. This is the lifeline of the country's transport sector and rural Agri Economy. The financial year ending on March 31, 2024 recorded a growth of just 2 percent in the demand for diesel and there was no increase in the conjunction of diesel in the last financial year.
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According to the latest data from the Petroleum Planning and Analysis Wing of the Ministry of Petroleum and Natural Gas, diesel congestion has increased to 82.3 lakh tonnes in April, which is about 4 percent more than the same period of a year ago. Compared to April, 2023, the congestion has gained 5.3 percent and the period of earlier time than Kovid i.e. compared to 2019, it has gained 10.45 percent.
