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Friday, 5 March 2021

Petrol-diesel will not be cheaper now:OPEC countries say not to increase production now, Brent crude rises 4% after decision

Petrol-diesel will not be cheaper now:OPEC countries say not to increase production now, Brent crude rises 4% after decision

Today in Ahmedabad, petrol is priced at Rs 88.20 per liter and diesel at Rs 87.60 per liter

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Petrol-diesel prices are likely to rise in the coming days. OPEC, a group of oil-producing countries, and its allies have seen their production declines extended to April. In such a scenario, the central and state governments cannot reduce taxes.

In these circumstances, the price of petrol-diesel may go up. In some cities, the price of a liter of petrol has already crossed 100. It may be noted that today in Ahmedabad, the price of petrol has gone up to Rs 88.20 per liter and diesel to Rs 87.60 per liter.

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Decided to continue to decline in the production of
OPEC and its Partner countries have decided to maintain our own level of oil production. While fuel demand has reached pre-coupid levels. Under these circumstances, the futures market has seen a surge in the price of crude oil. Brent crude rose 4.2 percent to .7 66.74 on Thursday, or 2.67 a barrel. It was previously at 67.75 a barrel in January 2020. In the US, crude oil futures rose 5.6 per cent to 64 64.70 a barrel on Thursday.

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Saudi production will continue to decline, but Russia and Kazakhstan may increase.
Saudi Arabia-led OPEC countries and Russia-led OPEC collaborators have decided to maintain a decline in online production of oil-producing countries. Saudi Arabia, the world's largest oil producer, will continue to lose 1 million barrels a day until at least April. Russia and Kazakhstan, however, may see a slight increase in oil production.

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There is also a demand to bring petrol-diesel under GST in the country. Which is why the government is already under pressure. According to SBI economists, petrol under GST is priced at Rs 75 per liter and diesel at Rs. Will come to 68.

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Last month, investment bank Goldman Sachs forecast a rise in crude oil prices by 10 a barrel . According to Sash, crude oil consumption will cross pre-covid levels by July this year. This is because industrial equity continues to rise during the downturn in cars. While OPEC + and oil production from Iran continue to decline. In such a scenario, crude oil could become more expensive by 10 a barrel.

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