Crude Oil Reached $100 Per Barrel, Demand At Peak In India
Crude oil reached $100 per barrel, but Petrol-Diesel demand is at its peak in India.
Crude oil has come to a boil over fears of a Russian attack on Ukraine. Brent crude has reached $100 per barrel. Whereas gold has crossed $1930 at a 13-month high in the global market.
Oil prices on Thursday exceeded $100 a barrel for the first time in seven years after Russian President Vladimir Putin announced a military operation in Ukraine. The market fears that Russia will attack.
Putin announced on Thursday morning.
Brent crude rose to $100.04 a barrel after Putin’s announcement, as concerns grew about a large-scale conflict in Eastern Europe.
At the same time, WTI has become $ 95.54. Prices jumped when Putin announced military action on TV. He said- I have decided on a military operation.
He said shortly before 6:00 a.m. (0300 GMT) in Moscow. He also called on the Ukrainian army to lay down its arms.
Oil demand will increase in India.
On the other hand, India’s fuel demand is likely to grow by 5.5 percent in the fiscal year beginning April 1 as economic activity picks up after the devastation caused by the pandemic.
According to government estimates, fuel consumption in 2022-23 is projected to increase to 214.5 million tonnes from the estimated sales of 203.2 million tonnes in the current fiscal ending March 2022.
This year also increased consumption.
According to the Petroleum Planning and Analysis Cell (PPAC) of the Oil Ministry, it will surpass the pre-epidemic level of sales in the current financial year.
In 2019-20, India consumed 214.1 million tonnes of petroleum products like petrol, diesel, LPG.
The demand for petroleum products grew by 4.9 percent in the first nine months of the current financial year beginning April 2021.
At the same time, fuel consumption in April-December 2021 was 148.3 million tonnes.
Demand to reduce GST on bidi, the industry said – existence is in danger.
Representatives of the beedi industry and trade unions have called for an immediate reduction in the tax on indigenous smoking bidis, saying the high taxes put the sector’s existence at risk.
In the ‘online’ meeting organized by the Federation of All India Beedi Industries, the people of the industry also discussed the need for alternative employment opportunities for the workers engaged in the production of bidi.
