Business News / Iran-Israel war at its peak, will petrol and diesel bills increase?

Business News: War has broken out between Iran and Israel. Iran has carried out drone attacks on Israel. On the other hand, talks are going on between Israel and America for retaliatory action. Due to increasing tension between Israel and Iran, the price of crude oil may increase in the international market. If experts are to be believed, the price of crude oil may cross $100 per barrel. If this happens, it can have a direct impact on the pockets of Indians. Let us know how…

Increase in crude oil prices

There is tension in the Middle East due to the Israel-Iran war. Crude oil prices on Monday from last week. A decline of 28 percent has been observed. On Monday, the price of Brent crude in the international market has reached $ 90.17 per barrel. At the same time, American WTI crude oil is at the level of $ 85.28 per barrel. However, experts believe that due to the war, the prices of crude oil may skyrocket.

Crude oil prices at 6 month high

Now, due to the possibility of war between Iran and Israel, the price of crude oil has reached its highest level in 6 months. OPEC countries have recently decided to continue the 22 lakh barrel daily cut in crude oil production to maintain market stability. Analysts estimate that if this war takes a bigger form, the price of Brent crude oil may cross $ 100 per barrel.

Actually, Iran is the third largest oil producer of OPEC. If Israel also attacks Iran. Also, if the US government imposes a series of sanctions on Iran, the prices of crude oil will also rocket. According to experts, there was already a problem of both supply and production of crude oil.

Now Iran's entry into the tension in the Middle East will create even more crisis. Now all those countries of the world will have to be prepared for expensive crude oil which is dependent on imports for more than 80 percent of their needs.

There may be a rise of 10 percent

At present, oil from Gulf countries is trading above $90 per barrel in the international market. There may be a tremendous rise in the prices of crude oil. There may be a rise of more than 10 percent in the price of crude oil.

This means that the price of Brent crude oil i.e. oil from Gulf countries can reach $ 100 per barrel. This means that the price of Brent crude oil may see an increase of $ 10 per barrel. On the other hand, there will be a rise in the price of American crude oil and the price may reach $95 per barrel.

Will petrol and diesel bills increase?

Experts believe that due to increasing Iran-Israel tension, the price of Brent crude may cross $ 100 per barrel. This will increase the possibility of increase in prices of petrol and diesel worldwide. India too will not be left untouched by this. During the election season in India, the general public got the benefit of a slight decline in the prices of petrol and diesel. But, as the Iran-Israel crisis escalates, this relief may also disappear. At present, the price of one liter petrol in Delhi is Rs 94.72 and the price of diesel is Rs 87.62 per liter. At the same time, the price of petrol in Mumbai is Rs 104.21 per liter and the price of diesel is Rs 92.15 per liter.

Petrol and diesel prices in 5 big cities

City                Diesel   Petrol

Delhi             87.62    94.72

Mumbai         92.15    104.21

Kolkata          90.76   103.94

Chennai        92.34    100.75