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Tuesday, September 22, 2020

Crude oil has become cheaper than bottled water, petrol can now be sold in India for Rs 30


 
Crude oil has become cheaper than bottled water, petrol can now be sold in India for Rs 30

With no hope of improving the global economic situation, crude oil prices are now falling to such an extent that it has become cheaper than mineral water. Is. So Brent crude fell 4 percent to 39 39.19 a barrel on Monday. Crude oil has become cheaper than water after a sharp decline.

India is the main reason behind falling prices. India has been in a deep recession for the last 3 years, now it has reached its climax. India imports more than 83% of its crude oil. For this, India has to pay 100 100 billion every year.

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 Under Modi's rule, a very weak rupee increases India's import bill. So the government keeps taxes high on crude petrol, diesel to make money. Keeps taxes as high as black gold.

One barrel holds 159 liters. Thus, a dollar costs 74 rupees. The barrel is priced at Rs 2,886. At the same time, if you convert it to a liter, its price comes close to Rs 18.15, while the price of bottled water in the country is close to Rs 20. Thus crude oil has become cheaper due to sliding water. Baba Ramdev promised the people of India before 2014 that petrol could be given for Rs. Now it has become possible.

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Demand and consumption of petrol and diesel have also declined sharply as commercial activities have stalled. Saudi Arabia's economy began to rebound, sending crude prices plummeting. Later, oil production was reduced under pressure from OPEC plus countries.

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 The government has gained billions of rupees by importing oil from Saudi Arabia or the United States. In India now, if the Modi government assumes, it can sell petrol at Rs 80 for Rs 30.

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