By Admin 
At this time the eyes of the whole world are on the prices of crude oil. Meanwhile, a big news has come out regarding China, which may increase oil prices in the coming days. It is being told that China is buying cheap crude oil in large quantities from Iran and filling its reserves. If this purchase increases further, oil may become expensive worldwide. This will have a direct impact on India also.
After all, what is China doing?
China is the world’s largest oil importer. To meet its needs, it buys oil from many countries. At present, China is busy increasing its stocks by buying oil from Iran at cheap prices. It can be said that China is already preparing in view of the possibility of any supply crisis or rise in prices in the future.
The easiest way to transfer shares from one demat account to another, it is not rocket science
Why may oil prices increase?
The simple thing is that when the world’s largest buyer buys more oil, demand will increase. When demand increases, prices also go up. If China continues to buy oil on a large scale, crude oil prices may rise in the international market.
Why should India worry?
India imports most of its crude oil needs from abroad. In such a situation, whenever oil becomes expensive in the international market, it impacts India also. Due to oil becoming expensive, the prices of petrol and diesel may increase, freight transportation may become expensive, inflation may increase and the import bill of the government may increase.
Prices of Scotch whiskey and luxury cars will be reduced from July 15, what else will be cheaper? Know the reason
In recent times, there was some softening in the prices of crude oil. But market experts say that if China increases purchases then this relief may not last long.
Will petrol and diesel become expensive immediately?
It is not so at present. The prices of petrol and diesel in India do not depend only on crude oil. The tax policy of the government, value of rupee and strategy of oil companies also play an important role in this. But if crude oil remains expensive for a long time, it may affect the pockets of common people.