India on Wednesday warned the world that if oil prices continue to remain high, the recovery in the global economy may be affected. At the same time, it urged Saudi Arabia and other oil producing countries to take steps to reduce prices and ensure supply. Let us tell you that the prices of petrol and diesel in the country have reached an all-time high. Addressing CeraWeek's India Energy Forum, Petroleum Minister Hardeep Singh Puri said that if fuel prices do not come down, the pace of recovery in the world economy will slow down.
In April last year, during the Corona epidemic, the prices of crude oil in the international market came down to $ 19 per barrel due to the decrease in demand due to the lockdown imposed in most countries of the world. Although the demand for oil increased this year due to rapid vaccination happening all over the world, then crude oil climbed to $ 84 per barrel. Puri said that due to the cost of fuel, there is a possibility of rising inflation. He said the country's oil import bill was $8.8 billion in the June 2020 quarter, which has increased to $24 billion this year. The only reason this happens is because of the cost of oil.
The Petroleum Minister said that the government believes that the availability of fuel should not only be continuous but it should also be affordable. The economic recovery has weakened after the devastating pandemic and is further threatened by high oil prices. India imports about two-thirds of its oil requirement from countries in West Asia. Therefore, it has urged OPEC countries that higher oil prices will lead to a rapid move towards alternative fuels, and in such a situation, these high prices will prove to be harmful for the producers only. Puri said he had raised the issue in the recent meetings with Saudi Arabia, UAE, Kuwait, Qatar, the US, Russia and Bahrain.
Petrol and diesel prices hiked again
Two days later, on Wednesday, once again the prices of petrol and diesel were increased by 35 paise per liter. Thus fuel prices have reached an all-time high across the country. After the increase in prices, the price of petrol has reached a record level of Rs 106.19 per liter in Delhi and Rs 112.11 per liter in Mumbai. Whereas in Mumbai, diesel is getting Rs 102.89 per liter. Whereas in the national capital it costs Rs 94.92 per liter. After the increase of 35 paise per liter in vehicle fuel for four consecutive days, their price was not increased on Monday and Tuesday.
After the increase in prices on Wednesday, the price of petrol in all state capitals has gone up to Rs 100 per liter or more. While diesel has touched the level of hundreds in more than a dozen states. In Goa's capital Panaji and Jharkhand's capital Ranchi also, diesel crossed the Rs 100 per liter mark. The costliest fuel is in the border town of Ganganagar in Rajasthan where petrol is available at Rs 118.23 per liter and diesel at Rs 109.04 per litre. For the first time in the international market, the price of crude oil reached $ 84.43 per barrel on Wednesday. It was priced at $73.92 a barrel a month ago.