Rising global oil prices likely to spike up your fuel bill

Oil prices in the global market are on the rise, resulting a costlier fuel bill for you

Zee Media Bureau

New Delhi: Oil prices in global market have caught an upward trend, and that may also start pinching your pocket making petrol and diesel costlier at the retail outlets.

The international crude oil price of Indian Basket as per Petroleum Planning and Analysis Cell (PPAC) was US$ 50.33 per barrel (bbl) on 07.10.2015. This was higher than the price of US$ 47.76 per bbl of Tuesday

In rupee terms, the price of Indian Basket increased to Rs 3284.13 per bbl on 07.10.2015 as compared to Rs 3123.28 per bbl on Tuesday.

In the last few days, Brent crude prices have gone above $52 a barrel from $47 just a few days ago. Indian oil marketing companies review prices every fortnight. On September 30, while diesel prices went up by Rs 0.50 per litre, petrol rates were kept unchanged. The next fortnightly review is expected on October 15.

The international crude oil price of Indian Basket as per Petroleum Planning and Analysis Cell (PPAC) was US$ 50.33 per barrel (bbl) on 07.10.2015. This was higher than the price of US$ 47.76 per bbl of Tuesday

In rupee terms, the price of Indian Basket increased to Rs 3284.13 per bbl on 07.10.2015 as compared to Rs 3123.28 per bbl on Tuesday.

According to analysts,concerns about Russia’s military operations in Syria and expectations of falling production and growing global demand have boosted the market. OPEC says, World oil demand is estimated to increase by 1.5 million barrels per day in 2015.