Witnessing new cases of corona virus every day, due to which there is a continuous decline in the demand for crude oil. The movement of people on the streets has reduced, they are not using their vehicles. In view of the declining demand, crude oil is creating new records of continuous decline. Crude prices reached the record low of 16 years on Wednesday. However, today is the third day when oil marketing companies in India have not reduced the prices of petrol and diesel. Petrol prices in Delhi remain at Rs 69.59, the highest level in January 2020.
Petrol prices started rising after the Corona outbreak , but it has been steadily declining since February 27, which has been stagnant for three days. Petrol prices were the highest on January 11 this year. It was selling at a price of Rs 76.01 in Delhi that day. Prices are updated daily at 6 am. Come, find out what rates are being sold today on petrol diesel.
Demand will be reduced by 11 lakh barrels daily!
Goldman Sachs said that governments around the world are appealing to people to stay away from congestion and isolate themselves, due to which global demand for oil could come down to 8–9 million barrels per day by the end of March. Oil consumption is expected to decline by about 1.1 million barrels per year, which would be a record.
Crude oil can come to $ 20
Goldman said, "Due to the outbreak of Corona virus, there has been a big drop in demand for oil. Brent crude price may fall to $ 20 in the second quarter.