New Delhi: The Organization of the Exporting Countries (OPEC) is considering cutting its daily crude oil production by 2 million barrels. This group is going to take a decision on this cut soon. If this happens, then the prices of petrol and diesel can increase in many countries of the whole world including India. But, experts say that many countries are using less fuel than their capacity, so this decision will not have such a wide impact on them.

However, its impact will definitely be seen in the Indian market. Because India imports 70 per cent of its crude oil from OPEC countries. Therefore, after the festival, fuel prices in India may once again see an increase. Experts say that due to the reduction in production, the global supply of oil will decrease by two per cent from November. Due to this, oil prices may increase in the future.  

The government has not increased the retail price of fuel for some time. Especially at a time when retail prices in India were 12 to 14 per cent lower than international prices. Due to this, most of the Oil Marketing Companies (OMCs) have lost revenue in the first quarter of FISCAL 2023. OMCs will make up for their losses before further lowering prices. Since August, the basis of inflation has started to have an adverse effect, due to which the government can increase the price.

Mukesh Ambani is going to open an office in Singapore, know about his plan

Rupee hits lowest level in history, impact on employment to trade

'Elon Musk should complete Twitter deal by Oct 28,' court orders