Crude oil prices are skyrocketing, will Modi government be able to keep the rates of regular petrol and diesel low for a long time?, massive surge in crude oil prices how long will Modi government be able to keep the rates of regular petrol and diesel low in India

New Delhi. The prices of normal petrol and diesel in India have not yet increased due to the abolition of special excise duty on petroleum companies by the Modi government. However, due to the Iran war, the price of crude oil is continuously increasing in the international market. Brent crude has gone above $109 per barrel. At the same time, WTI crude is around $ 112 per barrel. Due to this, India’s crude oil basket has also gone up. The average price of crude oil per barrel in India’s crude oil basket is $120.

The reason for the increase in the price of crude oil is the Strait of Hormuz. Due to fear of Iranian attack, crude oil and LPG ships are not coming through Hormuz. India has so far passed seven of its ships through Hormuz after holding high level talks with Iran. Two more Indian ships are also going to pass through Hormuz soon. Due to closure of Hormuz, India has to import crude oil at higher prices from Russia as well as America and African countries. Crude oil is now coming down in numbers. As a result its price is continuously increasing. If the Iran war does not end, the price of crude oil is likely to go up further. Due to this, the government may have to take a decision to increase the price of normal petrol and diesel in India also.

Petroleum companies had earlier increased the price of each cylinder of domestic LPG by Rs 60. The price of commercial LPG has also increased by more than Rs 2000. At the same time, the price of premium petrol was increased to Rs 160 per liter. Whereas, the price of every liter of industrial diesel has also increased to Rs 137.81 per liter. The price of normal petrol in the country is Rs 94 to Rs 105. People are currently getting normal diesel at a maximum price of Rs 90 per litre.