Crude oil prices have put ordinary people to sleep; will petrol cross ₹100 again?

Oil prices have caused widespread distress. Both US and Gulf crude oil have surpassed $90 per barrel. Significantly, both have reached a nearly 30-month high.

However, in the current month of March, Brent and WTI have already seen an increase of more than 30 percent. Experts believe that crude oil prices could surpass $100 per barrel in the coming days. In fact, the Middle East crisis has led to a surge in crude oil prices. US President Donald Trump has asked Iran to surrender without any conditions, which has significantly increased tensions. The Strait of Hormuz, which supplies more than 20 percent of the global crude oil market, remains closed, and there is no hope of its reopening anytime soon.

Experts believe that if the Middle East crisis does not end soon, petrol and diesel prices in the country may soon rise. We already saw an example of this on March 7th. Domestic petroleum companies have increased the price of domestic gas cylinders, causing LPG prices to exceed ₹900. On the other hand, the price of domestic gas cylinders has crossed ₹2,000 for the first time since 2023. However, there are indications that the government may increase the supply of Russian oil to mitigate the impact of rising crude oil prices. Let us also tell you what level crude oil prices are currently seeing in the international market.

The price of crude oil is experiencing a significant increase in the international market. According to data from Investing.com, Brent crude oil prices rose 10.65 percent during the trading session, reaching $94.51 per barrel. Currently, Brent crude prices have risen 9 percent to $93.04 per barrel.

On the other hand, the price of US crude oil has also seen a significant increase. WTI crude oil prices rose 14.22 percent, reaching a 52-week record of $92.53 per barrel. Meanwhile, US crude oil closed at $90.90 per barrel, up 12.21 percent. Experts believe that further increases in US crude oil prices are expected in the coming days.

More than a 30% increase in March

Gulf crude oil has surpassed $90 per barrel for the first time since April 19, 2024.

Brent crude oil has surpassed $94 for the first time since October 2023, a 30-month high.

This year, Brent crude oil prices have increased by 33.70%. This is a massive increase in just 66 days.

In the current month, the price of Gulf crude oil, Brent crude, has increased by 30.40%.

Regarding US crude oil, the price of US crude oil has surpassed $90 per barrel for the first time since September 29, 2023.

This means that US crude oil prices have reached a nearly 30-month high.

In the current year, the price of US crude oil has increased by 61.14 percent.

On the other hand, in the current month, the price of US crude oil (WTI) has increased by 38.06 percent.

Crude Oil Prices in India

On the other hand, crude oil prices have reached record levels in the domestic futures market. Crude oil prices on the Multi Commodity Exchange have crossed ₹8,500 per barrel, a lifetime high. During Friday's trading session, crude oil prices reached a record high of ₹8,518 per barrel. Meanwhile, the domestic market closed at ₹8,363, a gain of ₹1,046. Experts believe the upward trend in crude oil prices is likely to continue in the coming days. Experts estimate that if this war continues for more than two weeks, crude oil prices could reach ₹10,000 per barrel in the domestic futures market.

Will petrol and diesel prices increase?

Following the increase in domestic gas cylinder prices on Saturday, the question of whether petrol and diesel prices will increase in the country has become a major one. Experts are expecting crude oil prices to surpass $100 per barrel. If this happens in the coming days, petrol and diesel prices may increase. According to experts, India is working to increase the supply of Russian crude oil, which has been significantly reduced in recent days. If the supply increases and India continues to receive cheap oil, the public will not see an increase in petrol and diesel prices. However, the Petroleum Minister and the government are working to provide relief to the public.