Petrol price soon to be 80 ?

According to the latest reports,petrol price per litre will soon reach 80 rupee mark. Diesel price is assumed to touch 68 rupees per litre.

The prediction is made by the credit rating agency CRISIL based on the decision made by OPEC countries to cut the production of oil in coming months. If this happens, a barrel of oil will cost 55 dollars in the international market.

OPEC countries have decided to cut the production from January 1. This is the first time after 2008, they are moving towards a cut in production. The effect of the cut will be felt from March month. There are also chances of oil prices touching 60 dollars a barrel. This will force the Indian oil companies to rise the petrol price to 80 and diesel to 68.

OPEC Non member countries will also support the decision to the cut the oil production. To take a final decision on this matter, OPEC Non member countries have organised a meeting on December 10. According to global medias,

the meeting will urge to cut the oil production by 6 lakh barrels per day. On an average the price will be increased to 6-8% in next three months.

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