Crude Oil Price Today Per Barrel In Dollar In India
Crude oil is one of the most important commodities in India. This is because a significant portion of the country's energy requirement is met through crude oil imports. Therefore, the crude oil price per barrel in dollar in India is a topic of great interest and concern.
Factors Affecting Crude Oil Price
There are several factors that affect crude oil prices globally. One of the primary factors is the demand and supply of crude oil. When demand for crude oil is high, and the supply is low, the price of crude oil increases. Similarly, when the demand for crude oil is low, and the supply is high, the price of crude oil decreases.
Another important factor that affects crude oil prices is geopolitical tensions. Political instability, conflicts, and wars in oil-producing countries can lead to a disruption in the supply of crude oil, resulting in a rise in crude oil prices.
The global economy also plays a crucial role in crude oil prices. When the global economy is doing well, the demand for crude oil increases, leading to an increase in crude oil prices. Conversely, when the global economy is not doing well, the demand for crude oil decreases, leading to a decrease in crude oil prices.
Crude Oil Price Today Per Barrel In Dollar In India
As of July 2021, the crude oil price per barrel in dollar in India was around $75. This price is subject to change depending on the global market conditions and the demand and supply of crude oil.
Impact of Crude Oil Price on Indian Economy
Crude oil is a crucial input for many industries in India, including the transportation sector. Therefore, any increase in crude oil prices can lead to an increase in the cost of production for these industries, leading to inflation. This can have a negative impact on the economy as a whole.
Moreover, India is heavily dependent on crude oil imports to meet its energy requirements. Therefore, any increase in crude oil prices can lead to a rise in the country's import bill, leading to a trade deficit. This can have a negative impact on the country's foreign exchange reserves and the overall balance of payments.
Government Measures to Mitigate the Impact of Crude Oil Prices
The Indian government has taken several measures to mitigate the impact of crude oil prices on the economy. One of the measures is to reduce the dependence on crude oil imports by promoting the use of renewable energy sources such as wind, solar, and hydro power.
Moreover, the government has also implemented a mechanism to regulate the prices of petroleum products such as petrol and diesel. This mechanism involves the imposition of taxes and duties on these products, which can be adjusted based on the global crude oil prices.
Conclusion
The crude oil price per barrel in dollar in India is subject to change depending on the global market conditions and the demand and supply of crude oil. Any increase in crude oil prices can have a negative impact on the Indian economy. However, the Indian government has taken several measures to mitigate the impact of crude oil prices on the economy.