(H.T)
The price of Brent Crude dropped to an almost three-week low of $97.44 per barrel on Tuesday on slower anticipated demand due to surging Covid-19 cases in China, ceasefire talks between Russia and Ukraine, and hope for resumption of the Iran nuclear deal. The price of petrol and diesel may not rise as much as feared because the price of crude oil has declined by about 30% after hitting an intraday peak of $139 per barrel for Brent Crude on March 7. The government, however, is evaluating all options to shield consumers from a price shock that will also fuel already high inflation, officials tracking the development said.
The price of Brent Crude dropped to an almost three-week low of $97.44 per barrel on Tuesday on slower anticipated demand due to surging Covid-19 cases in China, ceasefire talks between Russia and Ukraine, and hope for resumption of the Iran nuclear deal. “A fuel price hike is still inevitable, but its quantum and timing are yet to be decided,” a government official said. “Certainly, there is some relief now due to softening of international oil prices.”
