Crude Oil Price / Has petrol become cheaper in your city? Crude oil below $85

In about two months, the prices of crude oil have decreased by three and a quarter percent to four and a quarter percent. In mid-March itself, oil marketing companies had made petrol and diesel cheaper by Rs 2 per liter. Since then the freeze button on fuel prices was pressed. Now the biggest question has become that why petrol and diesel are not becoming cheaper even after the price of crude oil has come down?

Vikrant Shekhawat : May 13, 2024, 08:22 AM

Crude Oil Price: In about two months, the prices of crude oil have decreased by three and a quarter percent to four and a quarter percent. In mid-March itself, oil marketing companies had made petrol and diesel cheaper by Rs 2 per liter. Since then the freeze button on fuel prices was pressed. Now the biggest question has become that why petrol and diesel are not becoming cheaper even after the price of crude oil has come down? According to experts, no change in the prices of petrol and diesel will be possible in the country before the elections are over. No matter how low the prices of crude oil fall.

On the other hand, the triggers that increase the price of crude oil still remain. The war between Israel and Iran or Hamas is not over. Russia and Ukraine war is still going on. Besides, OPEC Plus has also indicated that the voluntary cut in crude oil production may continue even after June. This means that there may be a rise in the price of crude oil in the coming days. By the way, America is continuously trying to increase its production. Let us also tell you what the price of crude oil has become at present. At the same time, for how much rupees are people in major cities of the country buying petrol and diesel?

What are the prices of crude oil?

Crude oil prices are on a slight decline in the international market. According to the data, Brent crude oil is trading at $ 82.54 per barrel with a decline of 0.30 percent. By the way, since about two months i.e. since March 15, there has been a decline of 3.30 percent in the price of Brent crude oil. On the other hand, a decline has also been seen in the price of American crude oil. At present the price of American oil is at $78.05 per barrel. Since March 15, the price of American oil has fallen by 3.80 percent.

Petrol and diesel prices did not change

Talking about the price of petrol and diesel in the country, a reduction of Rs 1 per liter was announced on March 15. The new rates of petrol and diesel came into effect in all the cities of the country from March 16. Since then, there has been no change in the prices of petrol and diesel in the country. The special thing is that in the last financial year, oil marketing companies had a combined profit of Rs 81 thousand crores. However, after making a profit of more than Rs 69 thousand crore in three quarters, there were speculations that the companies would jointly make a profit of more than Rs 90 thousand crore. But due to the rise in the price of crude oil, the profit of petroleum companies reduced by 50 percent in the fourth quarter.

Petrol and diesel prices in major cities of the country