Crude Oil And Gas Prices At A Record Level Of 7 Years
Crude oil and gas prices at a record level of 7 years, coal is four times more expensive in 6 months, petrol becomes costlier by Rs 1.25 in 7 days.
The rapid rise in the cost of energy resources in the country, if it continues for a long time, is also likely to have an impact on the pace of recovery of the economy.
The steep rise in the prices of petroleum products as well as coal and gas has drawn worry lines on the foreheads of policymakers. Energy prices are being monitored at the level of the Finance Ministry.
Its impact is also likely to be visible on the RBI’s monetary policy review to be held this week. However, the central government has clarified that there is no possibility of a power crisis like China in India.
The prices of crude oil and natural gas in the international market have reached a record level in the last seven years.
The price of crude oil in the international market has reached $ 81.51 per barrel, which is the highest level since 2014.
State-owned oil companies say that prices in the domestic market will increase further. Along with crude oil, natural gas prices are also at a seven-year high in the international market.
There is a huge demand from China, Britain, and other European countries.
In particular, China has started buying gas on a large scale to overcome its power crisis. India imports 45 percent of its gas requirement and this is also going to increase rapidly.
The domestic gas price in India is also related to the international market. The price of gas extracted from domestic mining fields has also been increased by 62 percent.
After this, the prices of PNG and CNG have been increased across the country. This trend may continue further. In April this year, coal was priced at $50 a tonne, which has now gone up to $200 a tonne.
India’s thermal power plants had planned to import 45 million metric tonnes of coal during the current financial year, but due to rising prices, these companies are also trying to get coal from domestic sources.
Because of this, there is also a shortage of coal. Government data on Tuesday showed that 17 of the 135 thermal power plants had no coal.
At the same time, 20 plants have one day and other 20 plants have two days, 19 plants have three days and only 15 plants have four days of coal.
Difficulty if the growth lasts for a long time:
DK Joshi, a chief economist of rating agency CRISIL, said that if the trend of increase in the prices of all types of energy sources continues for a long time, there will be a problem.
The price of electricity and fuel will not only affect the inflation rate but also indirectly affects the savings of the general public.
Many types of products become expensive due to an increase in freight charges.
