Petrol and diesel will not become cheaper, the government's planning has failed here!

Petrol-Diesel Price: Yes, forget it, petrol and diesel are going to become cheaper in the year 2024. Even if there are Lok Sabha elections. Given the circumstances, it does not seem that there will be a consensus between the government and the oil companies to make petrol and diesel cheaper in the coming months. The government's planning has failed in such a way that it does not understand what to do next? In fact, the warning of Goldman Sachs officials has troubled the Indian government, in which it has been said that the prices of crude oil may double in the year 2024. This situation is due to the crisis coming from the waves of the Red Sea. Where the dominance of the Houthi terrorist group is increasing. The Houthis are getting continuous support from Iran. So let us try to understand what kind of warning has been given by Goldman Sachs in this regard?

Goldman Sachs warning

Goldman Sachs has warned that oil prices could double due to Houthi rebels reaching the Strait of Hormuz. In a recent interview with American television station CNBC, Dan Struven, head of the company's oil research section, said that the Red Sea is a transit route. Due to prolonged disruption here, the price of crude oil may increase by three or four dollars. He said that if the Strait of Hormuz remains closed for a month, oil prices will increase by 20 percent and if the problem continues there for a long time, the prices may even double. This means that the price of crude oil can reach 155 to 160 dollars per barrel.

Attacks must stop

Recently, former Prime Minister and now Foreign Secretary David Cameron said in an interview to Sky News that it has become very important to stop the attacks. He said, this is not just a British interest, it is a global interest. He said that these attacks are illegal. They must be stopped and if they do not do so, action will be taken. Since November, rebels have attacked commercial shipping in the Red Sea more than 20 times, using missiles, drones, boats and helicopters.

Houthis respond to American operation

In response, the US in December announced Operation Prosperity Guardian to increase patrols in the Red Sea and the Gulf of Aden to protect commercial traffic, including ships from the UK, Australia and Canada. Oil prices occasionally saw modest increases due to actions in December, but volatility remained largely low due to the overall soft market.

On the other hand, the world's major shippers have refused to use this route. Maersk and Hapag Lloyd, Europe's two largest shipping companies, have refused to use the Red Sea and Suez Canal route after rebels attacked a ship late last week.

Impact on india

If Goldman's prediction comes true then it can have a deep impact on India. In March 2022, after the increase in the price of crude oil, an increase in the prices of petrol and diesel was seen. Prices may increase once again. At that time the price of crude oil had reached around $140 per barrel. This time it is expected to reach double the current level i.e. $155 to $160. This means that the prices of petrol and diesel will reach new levels in all areas of the country. Due to which inflation will increase in the country.

What is the price of crude oil at present?

At present the price of crude oil is below $80 per barrel. The main reason for this is lack of demand. Crude oil prices in Gulf countries are trading at $78.76 per barrel. On the other hand, the price of American crude oil is $ 73.81 per barrel. Both of these have seen an increase of 5 to 7 percent per barrel since December 26. We may see even greater growth in this in the coming days. Now it remains to be seen how far the Middle East tension and Red Sea crisis will lead to the prices of crude oil.