Saudi-UAE tussle could lead to further hike in crude rates
NEW DELHI: Hopes of any respite from rising fuel prices receded on Monday after a bitter dispute between Saudi Arabia and UAE on Monday stalled an Opec-plus output deal, raising the prospect of tighter supplies amid recovering demand and prompting oil prices to jump higher.
The grou abandoned a meeting to bring the two warring heavyweights on the same page without announcing any prospective date.
UAE is opposing Saudi proposal to extend the current deal to 2022, with phased increase in production, and demanding a higher baseline for its output quota.
Riyadh feels the global economic recovery is still tenuous and wants the deal extended to keep the market in bnce. It is also opposing revision of baseline for one member as it will prompt others to demand the same.
An immediate fallout is that there will be no increase in August supplies as was expected. This will tighten the market as demand gains traction, especially from the US, Europe, China and India.
The market reacted predictably as global benchmark Brent crude rose 1% to near $77/barrel, the highest since 2018. Several investment banks recently projected oil at $80/barrel.
Fuel is now 105 and rising daily.
Mms gave petrol for 75 when oil was 150$.
Modi gave for 105 when oil is 75.
How much will he give when oil reach 150$. 300 rs??
BJP is not a of natural governance, they are better in opposition.
Don't understand what Modi and the media he owns is bragging about when countries like Pakistan, Bangladesh and Sri Lanka are selling fuel much cher than us despite the fact their economy is not at par with us.
Shame on Modi
Oil cost drops, tax rises. Oil cost rises, tax stays same. In either case, common man is squeezed.
Ahh. Then our fekuji will increase another 5rs / litre this week.
Now you know why India needs Chidambaram Rajan and MMS today
As a matter of fact, we had lower fuel prices even when crude oil topped at $147/bbl in 2008. Therefore, Feku should be hanged for the all-time high fuel prices. It is the only way to bring the fuel prices down. In fact, if tax, duty and commission are removed from the pump prices, petrol can be available at no more than Rs 50 per litre when global oil prices remain at levels well below the 2008 peak.
Make it 500 so we get used to walking and living without it. The prices went up even without the Saudi vs UAE tussle.
If the BJP go nment really cares for people of India, then it definitely will reduce the tax rates.
Tussle might lead to fuel price hike or may not. But this news itself is enough for our govt to raise fuel prices further. This is money looting govt, they will take it from wherever it get. They dint even leave money making from vaccination.
Pandemic, Saudi-UAE tussle are all excuses. Fuel price rises and will rise double and triple times that is due to the mdministration and inefficiency of the saffron govt. weakening the Indian economy.
Pity all those who ved for BJP in hope for ‘acche din’ , now all of them are feeling cheated .
I ved for BJP. I don't feel cheated.
no issues our modiji has promised to bring it down to rs 35.
Don't worry. Modiji will embrace the kings of Saudi and UAE and will bring down the fuel prices to 50% low.
GOI SHOULD IMMEDIATELY WITHDRAW THE HIKE IN TAXES IMPOSED LAST YEAR TO GIVE REPRIVE TO COMMON MAN INSTEAD OF FILLING ITS COFFERS.....
fuel prices are high in India not because of high crude price but because of the greed of this chaiw led go nment to rake in money on misery of common man.
Bhakto Ko Chodne Ki Machine
Dont worry Modiji will make every india billionaire by 2024 and them fuel will be like peanuts for everyone
I don't understand the logic in increasing the taxes as raise in petrol and diesel pries will have an adverse effect on the entire economy of the country.