CHALLENGES IN INCREASE IN PETROLEUM OIL PRICES FOR INDIA

CHALLENGES IN INCREASE IN PETROLEUM OIL PRICES FOR INDIA

Challenges in increase in petroleum oil prices for India

Coming days oil prices may increase in India and globally

India's petroleum production has decrease last year

That means India has to import lot of oil from other countries and spend valuable foreign currency

People will have to also buy costly petroleum products

Crude oil production in 2019 financial year was less than and its target it was 7.59 percent less than its target

Compare 2 2018 financial year it is 4.15 percent decrease in the production

in financial year 2019 oil production was 342 lacs ton whereas target was 370 lacs ton

Natural gas production also 13% less than is target

Natural gas production target was 32.8 lac ton 

While production was 28.54 lac ton 

Government will have to suffer from these changes in the oil sector

Indian will have to fish loss from ban on on Iran for the petroleum products

Where is in domestic market oil production was not up to the mark against target

Gulf countries also rejected the request of increasing production of petroleum products

After announcement from gulf countries in in not increasing production hospital products prices of oil may increases

India's racing 3 important challenges

After banned from USA on Iran India cannot import cheap all products and has to to find the substitute from the other countries

Because of gulf countries during increasing production oil prices will increase

Challenge to increase production of of domestic petroleum product

It's not good for Indian economy and foreign currency