High Petrol Price Pain to Continue

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Paris-based energy watchdog, International Energy Agency, or IEA, said oil prices can again increase. There were high chances of Oil prices going up from current levels. Currently, Brent crude is ruling around 85 dollars per barrel. This could impact India’s economy and Indian consumers. Though the energy watchdog was also praiseworthy of resilience shown by the Indian economy. IEA’s head, Fatih Birol, said India bought oil from Russia at discounted price. It was completely a legitimate step. Crude oil prices shot up after OPEC+ decided to reduce production by 1.16 million barrels per day. Currently WTI crude is trading around $ 83.25/barrel