Petrol demand has suddenly increased in August.It is being said that while the consumption of petrol continued to increase during this period, the demand for diesel decreased.According to data from public sector petroleum companies, petrol sales have already reached pre-pandemic levels.However, common people are worried about oil prices.According to experts, increasing demand is a sign of normal life adjusting to the new normal, but people are getting affected due to high prices.
Meanwhile, a good news is coming that India's old friend Russia has agreed to increase the production of crude.He has talked about increasing the production of crude oil in the meeting with the oil-producing countries.This will help India the most because we import 80 percent of our oil requirement.Crude oil will be cheaper due to an increase in production, which will have a direct impact on the prices of petrol and diesel here.
Petrol Consumption in August
According to the data of other companies including Indian Oil, they sold 24.3 lakh tonnes of petrol in August.This is up 13.6 percent from the same period a year ago.With this, the sales figure of petrol has crossed the pre-pandemic level.Petrol sales stood at 23.3 lakh tonnes in August 2019.
Russia's help for India
On the other hand, the Organization of the Oil Exporting Countries (OPEC) with Russia has agreed to gradually increase crude oil production.The reason for this is the revival of the global economy affected by the coronavirus epidemic and a spurt in fuel demand.The Organization of Oil Exporting Countries and allied countries are known as OPEC+.
How much Crude Production
These countries agreed on the earlier plan to add 4,00,000 barrels of oil production per day from October 1 by virtual meeting.OPEC and allies last year cut production in view of reduced fuel demand due to lockdowns and travel restrictions.They are now gradually eliminating production cuts.
How much Crude oil rate
On Wednesday, oil prices fell 1.6 percent to $67.40 a barrel on the New York Mercantile Exchange.At the same time, global benchmark Brent crude fell 1.4 percent to $ 70.67 per barrel.