Petroleum Minister gave big hints after Trump's arrival, will petrol and diesel become cheaper in India?
Will the prices of petrol and diesel fall? If there is more import of oil from America, then the oil prices of American and Gulf countries may fall in the international market. Due to this, there may also be a reduction in the prices of petrol and diesel in India. Experts say that due to the increase in American oil production during the first term of Donald Trump, the prices in the global oil market had come down, and there is still a possibility that the prices will fall due to more imports of American oil.
Possibility of increase in oil supply from America
India's Petroleum and Natural Gas Minister Hardeep Singh Puri has given information in this regard that after the arrival of Trump administration, oil supply from America may increase. Puri said the number of countries supplying oil to India has increased from 27 to 39, and if more oil comes from the US, India will welcome it. He also said that given the Trump administration's efforts to maximize oil and gas production, more oil is likely to come from the US.
Puri said at an event, “If you ask me whether more American oil is going to come in the market, my answer is yes. If you say that there is a possibility of more oil purchases between India and America, then The answer is also yes.”
National Desk: After Donald Trump took oath on January 20, the hopes of oil importing countries around the world have been revived, especially countries like India, which import more than 70 percent of their oil requirements. At present, it is being speculated that America's crude oil production may increase under the leadership of the Trump administration, which will increase the global oil supply and reduce prices. This could benefit countries that are primarily dependent on oil imports, such as India.
Fall in crude oil prices in international market
On the other hand, a decline in crude oil prices is being seen in the international market. The price of US crude oil (WTI) has fallen by 2.25 percent to $ 76.13 per barrel, while the price of Brent crude oil has fallen by 1.17 percent and is trading at $ 79.21 per barrel. Experts say that after the Trump administration becomes active, the prices of crude oil may fall further, which will benefit the importing countries.
Indication of decline in oil prices
Puri, however, also clarified that the government will keep a very careful eye on the decisions taken by the Trump administration. He pointed out that some decisions were already expected, and it is necessary to analyze the entire situation before reacting to these. Additionally, he, as Petroleum Minister, also indicated that under the leadership of the Trump administration, there is a possibility of more oil coming from the US, Brazil, Guyana, Suriname and Canada, which may lead to a fall in oil prices.
Possible fall in ethanol blending and oil prices
Puri appealed to Indian automakers to provide more flex fuel vehicles that can be blended with ethanol. He also said that India will achieve the target of 20 percent ethanol blending five years ahead of schedule, which will strengthen India's energy security.
Amidst the decline in the international oil market and the Trump administration's indications of increasing oil production, countries like India may see a fall in the prices of petrol and diesel. Additionally, progress is also being made towards more ethanol blended fuels for India, which is a positive step in terms of environment and energy security. Overall, these changes can prove economically beneficial for India.
Comments are closed.