Zoom News : Jul 06, 2022, 06:22 PM
Petrol Price Update: Now common people can get relief from the rising inflation of petrol diesel. The price of fuel is increasing continuously globally. But India can get good news in the coming time. In fact, Citigroup has predicted that there may be a big fall in crude oil prices.The price of petrol and diesel will be reduced!Citigroup has said that by the end of 2022, the price of crude oil can slip to $ 65 per barrel. If this happens, then by the end of 2023, the price of fuel can fall to $ 45 per barrel. At present, the price of crude oil is $ 105 per barrel, which can come down by 58 percent.According to the information given by Citigroup, 'Due to the global recession, there may be a huge reduction in the demand for crude oil. Anyway, if we look at the history of crude oil prices, when there has been a crisis on the global economy, there has been a big fall in the prices of crude oil.Crude oil price will come downIn fact, when there was a recession in 2008, crude oil had slipped from $ 149 per barrel to $ 35 per barrel. After this, even during the Kovid-19 Pandemic, due to the worldwide lockdown, the price of crude oil had fallen to $ 20 per barrel. Earlier on Tuesday, due to the economic crisis and recession, the price of crude oil in America had come down to $ 100 per barrel. That is, whenever there is a recession, there will be a fall in the price of crude oil due to a decrease in demand.India will have big advantage!However, if crude oil prices fall, then the best news will be for India. In fact, India imports 80 percent of its crude oil consumption and the maximum expenditure from foreign exchange reserves is on the import of crude oil. That is, if there is a fall in the prices of crude oil, then the common people will get cheaper petrol and diesel here, as well as the foreign exchange reserves will be saved, the financial deficit of the government will be reduced.