Crude oil crosses $114, petrol & diesel prices may increase, natural gas at 14 yr high
Oil marketing companies have increased the prices of petrol and diesel by Rs 10.20 in a month due to supply constraints and price hike due to the ongoing war between Russia and Ukraine
New Delhi. Crude oil (crude oil) has once again jumped above $110 mark in the global market. The European Union imposed new sanctions on Russia, which has affected the supply of crude. On the other hand, industrial activities are expected to resume in Shanghai city of China due to less corona infection, which will increase demand. Not only crude, but the price of natural gas is at 14 years high level.
Prices soared OPEC production cut
The price of Brent crude has started climbing up once again. On Monday, Brent crude was priced at $ 111 per barrel, which rose to $114 today. The Organization of the Oil Producing Countries (OPEC) has continued production by the target, while the imposition of new sanctions on Russia by the European Union further hampered the supply. Crude oil production has also decreased in Libya, while China is reopening its markets, due to which consumption is expected to increase further. In such a situation, there is full scope in the domestic market as well, the prices of petrol and diesel may start increasing again.
CNG-PNG is also at a record high
In the global market, the price of natural gas has reached $ 8, which is the highest price in 14 years. Natural gas prices continue to rise for the second consecutive month. Its price has risen 38 percent so far in April. On the other hand, reserves are decreasing. Natural gas reserves in the US have fallen to a three-year low, while exports have increased by 13 percent.
Other commodities including wheat also boomed
If we look at the prices of agri commodities, the prices of wheat have reached a four-week high. The price of wheat has reached $ 1,130 per tonne in the global market. Wheat has become costlier by 12.50 percent in April due to the Russo-Ukraine war. Maize has touched a high of 10 years and its price has reached near $ 820.
Due to the war crisis, exports through the Black Sea have come to a complete halt, while prices are continuously going up due to decreasing supply and increasing demand. Experts say that this time there is a possibility of drought in North America, due to which the prices of agri commodities are increasing further.