Rapid increase in the crude oil, petrol and diesel prices may increases again

petrol and diesel prices may increases again

There was no change in prices of petrol and diesel on Wednesday, but in the international market, the price of crude oil is being seeing increasing  again. Due to this fast, prices of petrol and diesel are likely to increase again in the coming days.

The price of petrol continued for the second consecutive while diesel price remained constant for the third consecutive day on Wednesday. According to IndianOil website, the prices of petrol in Delhi, Kolkata, Mumbai and Chennai remained unchanged at Rs 73, Rs 75.04, Rs 78.59 and Rs 75.79 per liter respectively. Similarly, the price of diesel in all the metros citieshas remained steady at Rs 66.66, Rs 68.40, Rs 69.81 and Rs 70.43 per liter, respectively.

Indeed, after the report of progress in the direction of the US-China Trade Dialogue, positive sentiment returned to the market has increased the price of crude oil. Besides, crude oil prices have increased due to the oil supply being affected by Iran and Venezuela.

Angel Broking Deputy Vice President Anuj Gupta said that with the US ban on Iran and Venezuela, oil prices are getting support from the fear of a reduction in global supply of crude oil. After the exemption of countries imposing oil from Iran, which will end on May 2, the supply of oil from Iran will subside, thereby causing the crisis of global supply.

In Japan, South Korea, Taiwan, Turkey, Italy and Greece, the prices of petrol and diesel are also expected to increase.

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