Petrol, Diesel Prices To Rise Again? Brent Crude Hits Two-Month High Ahead Of EU Meeting

Petrol, Diesel Price | New Delhi: The European Union (EU) is scheduled to meet on Monday and Tuesday to discuss the sanctions on Russia. This might include talks around an oil embargo on Vladimir Putin’s nation. The anticipation has led to Brent crude oil prices surging to a two-month high at over $120 per barrel. According to a report by Mint, Brent on Intercontinental Exchange was trading at $120.10 per barrel in early trade on Monday.Also Read – Supply Chain Constraints Push Oil Prices Near Two-Month High

This might impact the petrol and diesel prices in India that have remained stagnant for days now. In Delhi, petrol was being sold at Rs 96.72 per litre and diesel at Rs 89.62 per litre. The central government had reduced excise duty on the fuel to bring the prices down. It was followed by several states cutting down the VAT to control surging inflation. Inflation figures in India have breached multi-year highs in April 2022, owing to a shortfall in the supply of essential goods. Also Read – Climate Change Is Eating Chapatis As India Struggles To Feed Itself

What does EU want?

According to the reports, the meeting scheduled to take place on Monday and Tuesday would be focused on increasing sanctions on Russia for their attack on Ukraine. Russia Ukraine war has been going on for over 3 months now. The sanctions could also mean a total ban on the import of oil from Russia, which is one of the biggest suppliers of the commodity to the world. Also Read – Sri Lanka Looks Towards India For USD 500 Million Loan For Oil Purchases

Previously, European Union’s bid to ban oil imports from Russia was vetoed by Hungary. Most European countries are stuck between the devil and the deep blue sea as they have a high dependency on Russian Oil.