New Delhi, Feb 16: The world oil market is volatile due to the war situation between Russia and Ukraine. Under the circumstances, crude oil prices are expected to rise to 120 per barrel. Russia produces 10 million barrels of oil a day, which is 10 percent of the world’s demand. in addition, Russia also supplies large quantities of natural gas to Europe. However, if the supply is disrupted, fuel prices are expected to rise to Rs 15 per liter.
Amid elections in five states underway, oil prices have been kept at a low price in recent months. Petrol and Diesel prices could skyrocket after the election. The price of crude oil in the international market has reached its highest level in 8 years. Moreover the Oil marketing companies have kept rates unchanged since the election. Experts say that once the election is over, companies will raise prices. As of December 1, 2021, crude oil prices have risen from $ 69 per barrel to $ 75 per barrel.
