Petrol Price in West Bengal

Petrol Price in West Bengal : The strategic reserve of 5 million metric tons crude storage is amassed in underground rock caverns. The three storage facilities are located in the Eastern and Western coast of India connected to Indian refineries through pipelines or grouping of pipeline or coastal movement. Underground storage is considered the safest way to pile up hazardous hydrocarbons. To build the infrastructure, INR 2,837 core was estimated in 2005, September. To fill the caverns, more resource is needed. The storage capacity of Vishakhapatnam was enhanced to 1.33 MMT. By spending another 15% extra resource, the total capacity was increased by 30%, totaling to 5.03MMT.

Market price

Cost of petrol in West Bengal today is INR 82.59 per liter as of today. India is one of the largest importers of crude oil; almost two-thirds are sourced from Middle East countries. After the US and China, India is the third-largest consumer of oil. The International Energy Agency (IEA) suggests India could be the largest crude oil consumer in the coming years. As most of the consumed oil is imported, Petrol price in West Bengal with other states is dependent on international oil prices. India imported around 84.7% of total consumed oil or 177.5 million metric tonnes of crude oil during April-November last year. The total worth of oil imports was about $81 billion.

West Bengal Petrol Rate Today

Import of Crude Oil

The demand for oil is expected to grow, as the country's economy is expanding to 6 million barrels per day by 2024, which is a significant increase from 4.4 million barrels per day in 2017. According to IEA, the growth percentage is around 3.9% against the global growth of 1.2%. Due to the predominant reliance on crude oil import, Petrol Price in West Bengal Today is vulnerable. The strategic reserve of oil is built to reduce the risk of supply disruptions, geopolitical uncertainties, and crude oil volatility. 65% of the total import of crude oil is sourced from Middle East countries through the Strait of Hormuz.

Strait of Hormuz, 39 kilometers long passage positioned between the Gulf of Oman, and the Arabian Gulf, is the most crucial oil passageway. Petrol rates in West Bengal or Petrol aajkabhav in West Bengal is dependent on international oil price, and India must formulate a program to use other unconventional energy sources.