Coronavirus: Crude oil falls highest in 5 years, petrol-diesel prices may fall in India

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New Delhi, March 7, 2020 Saturday

International crude oil prices are forecast to fall by up to 10%, with petroleum products being slated to drop by three to four rupees a liter in India next month.

The main reason for the decline in crude oil prices is thought to be due to the OPEC countries' decision not to cut production. Earlier in the meeting between the OPEC and its allies, a special decision was not taken on a cut on crude production.

Seeds also fell 10.07% to US WTI and Brent Crude Oil fell 9.4%. The US West Texax Intermediate (WTI) price hit $ 41.28 a barrel on Friday, the lowest level since August 2016.

However, Brent Crude Oil prices dropped to $ 45.27 a barrel, the lowest price since June 2017.

The domestic market will have a direct impact on the fall in international crude oil prices. However, the price of petrol in India has dropped by Rs 4 per liter and diesel by 4.15 per liter so far this year.

Experts estimate that if the rupee appreciates against the dollar, the price of petrol-diesel in the Indian market may decline by 3-4 per liter.

With the outbreak of the Corona virus, the demand for crude oil has been steadily declining, which is another reason behind the decline in the price of crude oil internationally.

It is noteworthy that in 2008, OPEC and its allies cut production of crude oil by 42 million barrels per day.

This time was the Global Financial Crisis. It was only after this decision that crude oil prices helped stabilize.

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