Crude Prices Are Seen To Hit Even $115/bbl; Fuel To Resume Upward Rally Soon

On escalating Ukraine and Russia tensions and supply constraints and currently Brent crude benchmark is at $97.20 per barrel, while the WTI crude benchmark was hovering at levels of $92.35 per barrel. In the previous day's trade, crude even scaled to levels close to $100 per oz after Russian President Putin sent troops into Ukraine.

Crude Prices Are Seen To Hit Even $115/bbl; Fuel To Resume Upward Rally Soon

There have been fears of supply disruption on aggressive Russian stance which pushed crude prices to levels of $99.38 per barrel. The last time brent exceeded $99 per levels was in September 2014.

Now as the fuel rates in India are influenced by the international crude rates, the price of petrol and diesel which have been steady for a while shall see sharp swing post elections in UP are over.

While India's supply from Russia is not a concern as of now, but high prices are obviously an issue. At present fuel in the country is retailing at a price of US$82-83 per barrel and hence they would certainly resume upward trend as and when elections end next month, said industry officials.
Currently, the long hiatus in fuel rate revision is the highest of 110 days since the fuel rate revision was adopted in June 2017.

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