Good news..!! petrol and diesel prices will decrease...!?

Rating agency Icra has said that there is a possibility of a decrease in the price of petrol and diesel by Rs 2 to Rs 3 per liter due to the recent fall in the price of crude oil. Crude oil prices in india averaged US$74 per barrel in September. It has been at USD 84 per barrel since last March. It is now less than 10 dollars. Why are we referring to the price situation in march when the price of petrol and diesel in india was reduced by Rs 2 per liter? It is said that the price of 1 liter of petrol and diesel is likely to decrease as the price of crude oil has decreased to USD 74 per barrel. With crude oil prices as low as they are now, petrol and diesel outlets are likely to reduce their prices by two to three rupees per liter, ICRA said.
Krish Kumar Khadam, senior president of ICRA, said that retail prices of petrol and diesel in india are currently unchanged after march 15. Crude oil prices have dropped significantly in the international market over the last few months. This is attributed to the global economic slowdown and high crude oil production in the United States. oil companies have the freedom to set the prices of petrol and diesel in India. In that way, the state-owned indian oil Corporation, Bharat Petroleum Corporation, and Hindustan Petroleum Corporation have not brought changes in the prices of petrol and diesel to a large extent since the end of 2021. Before that, there was a daily change in the price of petrol and diesel. It is now abandoned. Meanwhile, it is said that the demand for petrol and diesel is decreasing in china and europe due to the increase in the use of electric vehicles and their retail sales are declining.

So india is an important market for oil companies. In this case, the use of petrol and petroleum products in india has increased up to 5 percent in the last one year and it is said that it will increase up to 4 percent in the next year. Within the next 4 years, domestic oil refining capacity in india is projected to increase to 306 million tonnes. At present, it stands at 256.8 million tonnes.
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Sowmiya Sriram

28/09/2024 02:27 PM