Even crude oil is cheaper than water! The highest price decline of the last 29 years

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New Delhi, Saturday, March 21, 2020

Coronation has hampered business worldwide, causing Crude Oil prices to fall sharply in the wake of falling demand and the ongoing price war between Saudi Arabia, Iran and Russia.

That is the biggest decline of any week since 1991, crude prices have dropped 11 percent in the past one week, Brent crude prices have dropped below $ 27 a barrel, making crude oil more affordable than water.

It is worth mentioning here that India imports more than 83% of its crude oil requirement, and has to pay $ 100 billion per year, the rupee has increased India's import bill, and the government keeps tax rate high to compensate it.

According to the Angel Commodity report on crude oil, which is also cheaper than water, prices of 1 liter petrol have gone below the 1 liter package water bottle.

At the current rate of 1 barrel of crude oil falls in Indian currency at Rs 2000, one barrel means 159 liters, thus the price of one liter of crude is less than Rs 13 per dollar, even if the price of a bottle of packaged water in the country is Rs 20.

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