The Center and the state governments have recently reduced their taxes to provide relief in petrol and diesel prices and prices have remained stable for the last 14 days. However, this relief is not going to last long as petrol and diesel may become more expensive after the Assembly elections.
This is because crude oil could reach 120 120 a barrel by June 2022, even as it becomes more expensive. Russia’s petroleum refinery Rosneft has made that estimate. The company said that to date, OPEC Plus countries have not been able to increase production enough to meet demand, which could lead to a huge gap in supply and production and a sharp rise in prices. Rosneft is Russia’s largest oil producer.
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Crude oil has risen nearly 60 percent this year to over 82 82 a barrel. The resumption of economic activity after the onset of the epidemic has increased the demand for oil, while the petroleum-supplying countries and their allies have only been increasing their supply gradually. Russian President Vladimir Putin said last month that it was “quite possible” for crude oil to reach 100 100 a barrel. The Bank of America estimates that it could rise to 120 120 by June.
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