Oil’s not well when prices swell!
The fuel prices are rising after the immediate aftermath of the pandemic to reach all-time highs of above ₹100/litre. Two main reasons are cited for this rise- rise in international crude oil prices and increase in central and state taxes.
The petrol and diesel prices were deregulated in 2010 and 2014 respectively. Up until this point, retail prices were decided by the state. On the other hand, kerosene and LPG still come under the subsidised area. Despite deregulation, taxation still plays a role in determining prices.
While a fall in crude prices leads to a rise in taxation, the converse may not necessarily take place. The fuel prices in our neighbourhood are also much lower. With travel and commute resuming, the effect of the price rise will likely be witnessed by a significant portion of the population.
Click on the link below to read more.
https://transfin.in/what-led-to-the-recent-rise-in-fuel-prices-in-india
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OPEC and allied oil producing nations have stated that they are agreeing to continue on their output plan which happens to go against the loosening the taps amid multiyear highs in the crude oil prices.
The group regarded as OPEC+ is anticipated to rollover its plan of August for gradually enhancing the production of about 400,000 barrels per day per month.
The Russian Energy Minister stated in a conference that the decision was previously made to enhance the production levels per month, and they are underscoring per month for until 2022.The international oil benchmark for the Brent Crude was recorded at USD 81.69 per barrel, which has been on a declining spree of about 34 cents.
Upon the statements asking the production levels of the group amid requests and complaints, the minister stated that OPEC and the group members were trying to maintain a level of balance and remain worried of the demand changes.
From August till present, the group added some 2 million additional barrels of production to the market.Upon the plan, the OPEC group is already supplying the ample quantities to the market, as it is in stage of recovery and amid seasonal decline in demand for the fourth and first quarters.
Additionally, the group has indicated intentional decline in the oil demand across the European Union in October.
