What is the price of 1 liter petrol in America?

One gallon is approximately 3.78 litres. That means $3.32 per gallon of petrol means approximately $0.88 per liter. According to this mathematics, petrol in America is costing around Rs 81 per liter.

Why are oil prices increasing?

In fact, after the US-Iran war, there has been huge turmoil in the global oil market. The movement of oil tankers has become endangered due to fighting and attacks around the Persian Gulf and the Strait of Hormuz. This is the sea route through which about 20 percent of the world’s oil supply passes. As soon as the danger on this route increased, panic immediately spread in the market and oil prices started rising rapidly.

The result was that crude oil reached above $90 per barrel in the international market. US crude oil reached $90.90, which is a big jump of about 35 percent in a week. Brent crude has also reached around $92 per barrel. This is considered to be the highest level in the last several months.

That’s why help was sought from India

Amidst this increasing pressure, America has approached India to buy Russian oil lying in the sea and send it to the refineries quickly. According to US Energy Minister Chris Wright, this is a temporary step so that the supply of oil remains in the market and prices do not rise further. In fact, India is the third largest oil importer in the world and has been buying cheap crude oil in large quantities from Russia. If India does not buy Russian oil, the supply in the global market may reduce further. This is the reason why America has given a temporary exemption of 30 days to India to buy this oil, so that the oil prices across the world do not go out of control. Earlier, America had imposed 25 percent tariff on India for purchasing the same Russian oil.