Petrol Prices Hike: The fuel charges are again being raised as a gift of New Year. There was a regular raise in petrol in the past but there is an expected raise in petrol prices as the import of oil from west asia was increased to 40%. On Thursday, Saudi region initiated steps to bring the world’s honeymoon with low oil prices to an end.
Petrol Prices Hike Once Again as Saudi Ends Honeymoon:
There will be a raise in petrol prices as many Saudi, Iraq which are the top two oil producers for India initiated steps to pare output. Asia and the US and initiated talks with buyers to cut supplies by 3-7% in February. These improves show that the November agreement which came in Opec members meet and other major oil exporters such as Russia is on its way to increment the oil prices as that of other countriesbeing implemented, proving sceptics wrong.
In a statement from Economic Times, “The target is to cut output by 1.8 million barrels a day, nearly equal to India’s daily import of 1.9 million barrels, with a view to sucking out stockpiles and rebalance market. This is bad news for fuel consumers in a country such as India which imports nearly 80% of its oil needs. Through much of 2015 and 2016, fuel bill shrunk for consumers as oil prices tumbled some 70% from 2014 high of $112 a barrel. Lower oil prices reduced India’s import bill and eased subsidy burden on the government.”
Get ready to pay more for petrol. Bike riders and car owners should get used to pay more for bike fuel. As a result of their domination, “$60 a barrel through 2017 and go higher in 2018.”