Difficult to control prices of petrol and diesel in 2019

New Delhi: In spite of OPEC’s decision to produce crude oil at 10 million barrels per day, the oil prices rose sharply in the international market last week and the US Crude i.e. West Texas Intermediate (WTI) on Friday on the New York Mercantile Exchange (NYMEX) August futures closed 5.66 percent higher at $ 69.25 a barrel. However, experts say prices will fall and prices of diesel and petrol will fall further.

Energy expert Narendra Taneja said that in the coming days, the price is expected to come down, with the import of crude oil in India cheaper and in the second half of 2018 diesel and petrol prices will remain soft.

In the meeting of OPEC (Organonation of Petrological Exposing Contracts) in Vienna, a decision was taken to increase crude oil production to 10 million barrels a day on Friday. Apart from the 14 countries involved in the OPEC, representatives of non-OPEC oil producing countries including Russia were also involved in this meeting.

Narendra Taneja said, “If OPEC’s decision applies, international oil prices will fall in the short term due to which oil imports will be cheaper in India, he said that diesel and petrol prices remain in control in the second half of 2018. But, in view of the growing demand for crude oil, it will be difficult to control prices further in 2019. ”

After OPEC’s decision, however, the price of crude oil in the international market has seen strong growth on Friday. On this, energy expert Narendra Taneja said that there is a situation of suspicion in the markets just because of the official announcement made by OPEC, so the price of oil has increased rather than falling.

He said, “The reason is clear that the situation of confusion among the oil-producing countries has not been overcome. Oil buyer and seller companies are suspicious of the implementation of this decision, so after the meeting, the response of the market has been seen opposite the decision. . ”

On Friday, the New York Mercantile Exchange (NYMEX) closed at $ 69.25 a barrel, with a 5.66 percent jump in US crude ie West Texas Intermediate (WTI).

At the same time, Brent crude’s August futures on Intercontinental Exchange (ICE) climbed 3.78 percent to $ 75.81 a barrel.

Due to the signs of acceleration from the overseas markets, the strong rise in crude oil prices on the Indian futures market Multi Commodity Exchange (MCX) On the MCX, the July futures closed at Rs 4,675 per barrel with an increase of Rs 179, or 3.98 per cent, while the futures contract fell to Rs 4,488 after opening at Rs 4,506.

He said daily consumption of crude oil in India is 45 lakh barrels, 83 per cent imported and 83 per cent of imported crude oil is imported from India. In such a situation, if the subsidiary countries, led by OPEC and Russia, will increase crude oil production, then undoubtedly the oil prices will fall in the international market, which will benefit India.

Narendra Taneja said that the price of crude oil will come down, but the situation of 2015-206 can not come back when the oil prices came in around the $ 30 a barrel in the international market.

According to the website of the Oil Marketing Company, Indian Oil Corporation, the prices of petrol in Delhi, Kolkata, Mumbai and Chennai on Saturday were Rs 75.93, Rs 78.61, Rs 83.61 and Rs 78.80 per liter respectively, and diesel prices were Rs 67.61, Rs 70.16 , 71.87 rupees and 71.36 rupees per liter.
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