NEW YORK, April 21: The price of petrol has surged. A gallon of petrol in New York city now costs $4.25. The price is not likely to come down. There are two reasons for this. Some oil producing nations, notably Saudi Arabia, will not pump in more oil to stabilise the market and demand for oil in Arab nations are growing as well. Jump in oil price has come in good time for oil producing Arab nations. They have all been hit by political upsurge. To calm the agitators for reforms the autocrat rulers have promised hefty economic benefit to the people. The oil price hike will go a long way to meet the extra cost of government spending. The oil consumption has surged in the Middle-East. The region is now consuming 2.7 million barrel a day this year. The demand will rise to 8.3 million barrels by 2030, market analysts said.
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