You know why the ongoing prize war between Saudi Arabia and Russia will benefit

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New Delhi, 9 March 2020 Monday

You will soon be able to benefit from the ongoing prize war between Saudi Arabia and Russia over crude oil. You can now save more money for expenses in your pocket.

Because the petrol can get you 50 rupees. The government's import bill is on the decline and the next crude basket is also likely to get the government on the road.

In the international market, crude oil prices have gone down by 31% today. The reason behind this was Saudi Arabia's reduced prices. Saudi lowered 'revenge' prices on Russia because Russia did not agree to reduce production.

This led to the end of the Prize War between the two countries. India can benefit from it. If we need to look at a reduction of up to 30% and assume that reducing the import bill will save the consumers a whole lot.

So in the Indian market, the price of petrol can reach Rs 50 per liter. Currently, petrol costs around Rs 70 per liter across the country.

Crude Basket Price

India's crude basket is currently priced at $ 47.92 a barrel. (One barrel means 159 liters) which means India has to spend Rs 3530.09 for a crude basket.

If the crude gets cheaper by 30%, the cost of the crude basket will be even lower. So the next crude basket can be Rs 2470.

If the average person is given the benefit of this, the price of petrol can reach Rs 50. According to the Petroleum Planning and Analysis Sale, the average price of a crude basket in December 2019 was $ 65.52.

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