Petrol, Diesel and Other Oil prices fall for India - Full Story

New Delhi: Kotak Institutional Equities and Bank of America Securities said in a statement that the fall in oil prices will add to the India...

New Delhi: Kotak Institutional Equities and Bank of America Securities said in a statement that the fall in oil prices will add to the Indian economy. Kotak Institutional Equities predicts that the current account deficit (CAD), inflation and inflation will be reduced as the oil imports bill falls due to the import of 84% of the country's oil requirements. Disagreements between Russia and Saudi Arabia have arisen as a result of a cut in production to stabilize prices. At the same time, the acceptance deadline for production cuts between OPEC countries and non-OPEC countries such as Russia is set to expire in March. Analysts expect daily production to reach 10 million barrels. Declining demand for oil around the world, especially under the influence of the corona virus, is also affecting prices. “The price of oil will save $ 15 billion with every 10 dollars falling on a barrel. This will reduce CAD by 50 basis points in GDP, ”Kotak said in its report. The value of imports is more than the value of exports from the country.

The reduction in oil prices for these sectors will be combined with automobiles, aviation, color industry, consumer companies, city gas suppliers and oil marketing companies, Kotak said. On the other hand, ONGC and Oil India are forecasting net losses if oil falls below $ 35 a barrel. 


Bank of America Securities forecasts that the current account deficit will fall by 25 basis points to 0.7% of GDP in fiscal year 2020–21 due to the fall in oil prices. Oil prices have fallen 45 percent since the Corona virus first emerged in January. India's GDP growth forecast for the fiscal year 2020–21 has been revised downward to 0.4% from 5.4%. The latest growth rate is expected to be 2.2 percent, cutting the global growth forecast by 0.60 percent. Also Check Bhojpuri bf video According to Bank of America Securities, if the global recession were to take place, the global growth rate would drop to 1.4% and India's GDP growth to 4.4%.


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Today's Latest news, Know What's happening in India- with Timesnowindia.com: Petrol, Diesel and Other Oil prices fall for India - Full Story
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