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Prediction of petrol and diesel being costly

Sunday - May 26, 2019 11:12 am , Category : BUSINESS
Be prepared, because petrol and diesel may be expensive!
Be prepared, because petrol and diesel may be expensive!

India completely stopped importing crude oil from Iran and Venezuela

MAY 26 (WTN) - Petrol and diesel may be expensive in India soon. We are saying that because India has stopped procuring crude oil from both the crude oil exporting countries such as Iran and Venezuela. For your information, let you know that the exemption from the restrictions imposed by the US on Iran has ended this month. After the exemption ended, India has stopped importing crude oil from Iran.

There are 8 other countries, including India, who have stopped importing crude oil from Iran. That is, in addition to India, petrol and diesel are also expected to be expensive in these countries too. After the separation of the nuclear deal with Iran, the US had announced a number of economic sanctions against Iran. However, the US had exempted from restrictions on the purchase of crude oil from Iran to eight countries including India. The exemption given by the US has expired at the beginning of month May. India had reduced the quantity of crude oil import from Iran in the month of April from roughly 2.5 billion tones to 1 billion tones and now has completely stopped importing crude oil from Iran.

Here, in January this year, the US banned Venezuela's crude oil production and sale, as an effort to pressure Venezuelan socialist President Nicolas Maduro to step down. US President Donald Trump is constantly making pressure on Venezuela that President Maduro resigns from his post.

However, since the US has banned Iran, since then many countries including India have stopped importing crude oil from Iran, but after that the US has to pay its price. The United States believes that the supply of crude oil from alternate sources is necessary after the ban of Iran.

India buys 12 per cent of its oil needs from Iran. Now apart from Iran, India has stopped importing crude oil from Venezuela, then it is natural that prices of petrol and diesel will increase in India. Before the US ban, India imported nearly 25 million tonnes of crude oil from Iran, but in the last few months, 1.25 million tones of purchases remained per month after the sanctions.

After stopping the importing of crude oil from Iran and Venezuela, India will have to buy expensive oil from other countries on their terms. Let us explain to your knowledge that India had the advantage of importing crude oil from Iran that Iran used to give 60 days for the payment, while Iran was ready to receive payment in Indian rupees.

After US sanctions on Iran, that impact on crude oil price will directly be seen in the international market, and if crude oil is expensive, petrol and diesel will also be expensive. It is being said that the price of petrol and diesel can be increased by 5 to 7 rupees per liter up to Diwali.If the price of diesel increases, it is natural that transportation will be expensive, and if the transportation costs is expensive, then there will be inflation. It is clear that India may have to face difficulties in the near future due to the imposition of crude oil imports from Iran and Venezuela.