Petrol and Diesel Prices going to reduce in India? Oil producing countries took this big decision

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Ever since the Russia-Ukraine war started, there is an atmosphere of uncertainty around the world. Sometimes oil prices are decreasing, sometimes they are increasing. As we all know that fuel is the backbone of any country’s economy. In such a situation, a news has also come from OPEC countries. He has taken a big decision regarding oil production, which will affect many countries.

OPEC country took this decision

Saudi-led OPEC and other allied oil producers have not changed their oil supply targets for the global economy amid uncertainty over the impact of new Western sanctions against Russia. Russia is also included in these countries. This decision has been taken in the meeting of Petroleum Ministers of OPEC and other allied countries held on Sunday.

$60 a barrel for Russian oil

This decision has been taken at a time when the price limit on Russian oil is going to be implemented from Monday. Australia, Britain, Canada, Japan, the US and the 27-nation European Union on Friday set a limit of $60 a barrel for Russian oil. Ukraine’s President Volodymyr Zelensky’s office has called for Western countries to further reduce the price of Russian oil, while Russian officials have called the limit of $60 a barrel harmful to a free and stable market.

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Danger for india

It is not yet clear to what extent these sanctions may limit Russian oil’s access to the global market. If the sanctions take effect, there will be a reduction in the oil supply and the prices will increase and this can also affect India, because India also increased the purchase of oil from Russia for its oil supply. On the other hand, due to the possibility of recession in the global economy, there is also a possibility of reducing the demand for oil, due to which there is pressure on the prices. Let us inform, today the price of one liter of petrol in Delhi is 96.72 paise. Whereas in Patna, Rs 107.24 has to be paid for this.

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