Reduced Oil Price Gives Relief To India
The price of crude oil that was lifted following Russia’s incursion of Ukraine, has cooled down within the past few days. India imports 85% of its oil demand, so the rise in oil price is really a matter of great agitation. The contribution to India’s energy basket was raised as a result of this hike in crude oil.
According to the Ministry of Petroleum and Natural Gas on 9th March, the cost per barrel was $128.24. Still, the consumer is not paying an extra amount as the price of retail fuel prices has been unchanged for the past few months. The market professionals predict that the oil marketing companies will enhance the price soon.
The retail price of petrol in the market was 95.41 rupees for a litre while diesel was sold for 86.67 rupees for a litre. In this situation, a reduction in oil price brings an air of relief to India.