By Admin 
Crude Oil Price Fall Today: Amidst the tension in the Middle East, a day earlier i.e. on Tuesday, there was a big fall in the prices of crude oil in the international market. Due to the situation arising out of the Iran-Israel dispute and the closure of the Strait of Hormuz, Brent crude oil reached $ 117 per barrel intraday on Monday. However, on Tuesday morning it was seen falling by about 10.17 percent and trading at $ 85.15 per barrel.
A day before this, in the last trading session, oil prices had reached such a high level for the first time after the year 2022. Therefore, the market has also got support from this sudden decline. Let us know why such a sharp decline has been recorded?
Market softens after Trump’s statement
Donald Trump’s recent signal is being believed to be the reason behind this weakness in oil prices. Trump has indicated that the ongoing tension between America and Iran may end soon. Meanwhile, West Texas Intermediate (WTI) crude also fell by about 10.06 percent to $ 85.25 per barrel.
According to reports, meanwhile, a phone conversation took place between Vladimir Putin and Trump, which is being seen as an attempt to calm the situation.
Priority of oil companies regarding LPG supply
Bharat Petroleum has said that the supply of domestic LPG is being given first priority. Due to the global situation, pressure on the supply of fuel and LPG has increased. Therefore, LPG production is being increased to ensure that there is no shortage of gas in homes. LPG will also be provided to hospitals, schools and other important institutions as per the requirement.
A committee of oil companies has been formed to look into the demand from the non-domestic sector. Which includes officials of Indian Oil, Bharat Petroleum and Hindustan Petroleum. This committee will decide how much LPG should be given to which sector, because the supply of non-domestic LPG is largely dependent on imports and in such a situation it is not possible to meet every demand.
Also read: Annual consumption of 3 crore tonnes of LPG in India, know what steps have been taken till now after Iran War