New Petrol and Diesel Prices Announced as Oil Costs Rise
Listen to the story
India has new petrol and diesel prices today.
The government also talked about ethanol. This may change fuel prices.
Crude oil is the oil used to make petrol and diesel. Its price went above 90 dollars again.
The world has less oil now. About 1.1 billion barrels of oil are missing from the market.
A barrel is a big container used to measure oil.
The IMF is a big group that watches money around the world. It gave a warning about oil.
The warning is about the Strait of Hormuz. This is a sea route for oil ships.
The IMF said prices may stay high even if this route opens fully.
Higher oil prices are bad news for India.
India buys a lot of oil from other countries. This is called an import.
If oil costs more, India's import bill will grow. This means India pays more money.
This can also put pressure on the Indian rupee. The rupee is India's money.
People are watching to see how prices change next.
Vocabulary10 words
- petrol
- fuel used for cars
- diesel
- another type of fuel for cars and trucks
- ethanol
- a fuel made from plants, mixed with petrol
- crude oil
- natural oil before it is made into fuel
- barrels
- big containers used to measure oil
- IMF
- a big world group that helps with money problems
- Strait of Hormuz
- a narrow sea path where oil ships travel
- import
- something bought from another country
- import bill
- total money paid for things bought from other countries
- rupee
- the money used in India
Quiz
Answer key
1. They went above 90 dollars 2. Oil supply problems even if Hormuz opens 3. It will grow
Fill-in-the-blank listening
Play the audio again and fill in the missing words as you listen.
India has new _____ and _____ prices today.
The government also talked about _____. This may change fuel prices.
_____ is the oil used to make petrol and diesel. Its price went above 90 dollars again.
The world has less oil now. About 1.1 billion _____ of oil are missing from the market.
The _____ is a big group that watches money around the world.
The warning is about the _____. This is a sea route for oil ships.
India buys a lot of oil from other countries. This is called an _____.
If oil costs more, India's _____ will grow.
This can also put pressure on the Indian _____.