Petrol and diesel prices are less likely to rise,

New Delhi: Amidst the war between Russia and Ukraine, rising crude oil prices have created problems for India. At the beginning of this month, crude oil had reached a 14-year high of $ 139 a barrel. However, crude oil has come down below $100 amid peace talks and rising cases of corona in China. Despite this, India has started all-round efforts to buy cheap oil under a long-term strategy. Let us tell you that India has strategic reserves of 53 lakh metric tonnes of crude oil, which is equivalent to 9.5 days’ expenditure.

Expressing concern over the rising crude oil prices, Petroleum Minister Hardeep Singh Puri has said that India is considering several aspects to purchase cheap oil. Under this, there is a plan to increase purchases from Iran and Venezuela. Apart from this, Russia’s offer of cheap oil is also being seriously considered.

Puri has expressed concern about the rise in inflation in the coming times due to high crude oil prices. He says that the price of crude oil has an impact on everyone. However, experts say that Russia and Ukraine are both close trading partners of India and it is not easy to prefer one at present.

Russia has been exporting large quantities of oil to Europe and other countries, but after the sanctions imposed by European countries, it is exploring the possibility of selling cheaper oil to India. India’s petroleum ministry is seriously considering the possibility of importing cheap oil from Russia. Under the changed strategy, India now wants to increase oil purchases of OPEC allies instead of OPEC.
India has been buying oil from Iran and Venezuela in the past as well. But due to global sanctions on these countries, oil purchases have come down in recent times. Petroleum Minister Hardeep Singh Puri said that Iran was banned for its nuclear program, but now there is hope for relief. In such a situation, India will give preference to buying oil from Iran. Also, there are plans to buy oil from Venezuela after the easing of sanctions.
Nine states did not reduce VAT on petrol and diesel
Petroleum Minister Hardeep Singh Puri has told the Parliament that nine states including Maharashtra and Kerala have not reduced VAT on petrol and diesel. Reduction in VAT would have helped in reducing oil prices. He also said that fuel prices have increased by more than 50% in many countries during the pandemic, but only by five per cent in India. He feared that a jump in crude oil prices would further push inflation in the coming months. Oil prices skyrocketed after Russia’s attack on Ukraine.