There was a decline in the price of domestic gas cylinders in the last two months. Bharat flour was made cheaper. To control onion prices, the central government opened stores. Recently, PM Narendra Modi extended the free ration scheme for the next five years. Now people are waiting for cheap petrol and diesel. Crude oil prices have again come down to $85 per barrel.
Due to the steps taken by America, the supply of crude oil has increased. Due to which the prices of crude oil have reduced by 15 percent. According to experts, the prices of crude oil have come down due to the removal of sanctions from Venezuela and increase in American supply. Otherwise, due to the Hamas-Israel war, crude oil prices would have crossed $100.
If we talk about India, there has been no change in the price of crude oil since May 2022. Then the government had made fuel cheaper by reducing the tax on petrol and diesel. No change has been seen since then. Since then, crude oil prices have become cheaper by up to $50 per barrel. Earlier, it was argued by the petroleum companies that despite the cost of crude oil during the Russia-Ukraine War, they provided fuel to the common people on subsidy. Due to which he suffered a lot of loss.
Now that loss also seems to be complete. If we look at the figures of the last two to three quarters, petroleum companies have made huge profits. In such a situation, the general public is expecting cheap fuel from the government and petroleum companies. Let us also tell you what is the price of crude oil at present and what is the price of petrol and diesel in the metropolitan cities of the country.
How much did crude oil become cheaper in 40 days?
- About 40 days ago, on September 28, the price of American crude oil WTI was at a year’s high of $ 95.03 per barrel.
- After that a big decline has been seen in it. At present, the price of American crude oil has come to $ 80.85 per barrel.
- This means that the price of crude oil has decreased by $ 14.18 per barrel since then.
- If we look at this decline in percentage, then in 40 days the price of WTI has become cheaper by 15 percent.
- There has been a big fall in the price of crude oil in Gulf countries. At present, the price of Brent crude oil has come to $ 85.18 per barrel.
- On September 28, crude oil prices in Gulf countries were at the current year’s high of $97.69 per barrel.
- This means that from then till now the price of Brent crude oil has seen a decline of $ 12.51 per barrel.
- If we look at it in percentage, the price of Brent crude oil has become cheaper by 13 percent per barrel.
America took steps
The biggest reason for the fall in crude oil prices in the international market is the increase in the supply of American oil and the removal of crude oil sanctions on Venezuela. On the other hand, there was some relief in Middle East tension last week. Due to which there was an impact on the prices of crude oil. On the other hand, due to the weakening of the dollar, the impact of crude oil prices is visible. Last week, there was a decline of more than 6 percent in the price of crude oil.
Russia and Saudi Arabia can become an obstacle
On the other hand, Russia and Saudi Arabia can create a barrier to cheap oil. Both the world’s largest crude oil suppliers have extended their decision to reduce crude oil production by one million barrels till December. On which both the countries are not ready to bow down. The news is even coming that this extension can be extended till 31 March 2024. If this happens then we may see a rise in the price of crude oil in the coming days. After which there may be a problem in reducing the fuel price in India.
Petrol and diesel price in India
On the other hand, there has been no change in the prices of petrol and diesel in India. The last change in the prices of petrol and diesel in the metropolitan cities of the country was seen on May 21. At that time, the country’s Finance Minister Nirmala Sitharaman had reduced the tax on the price of petrol and diesel. After that some states tried to influence prices by reducing or increasing VAT. The interesting thing is that ever since the prices of petrol and diesel started changing daily in the country as per the international market, this is the first time that petroleum companies have not made any changes during the record timeline.
Price of petrol and diesel in major cities of the country
- New Delhi: Petrol rate: Rs 96.72 per liter, Diesel rate: Rs 89.62 per liter
- Kolkata: Petrol rate: Rs 106.03 per liter, Diesel rate: Rs 92.76 per liter
- Mumbai: Petrol rate: Rs 106.31 per liter, Diesel rate: Rs 94.27 per liter
- Chennai: Petrol rate: Rs 102.63 per liter, Diesel rate: Rs 94.24 per liter
- Bengaluru: Petrol rate: Rs 101.94 per liter, Diesel rate: Rs 87.89 per liter
- Chandigarh: Petrol rate: Rs 96.20 per liter, Diesel rate: Rs 84.26 per liter
- Gurugram: Petrol rate: Rs 97.18 per liter, Diesel rate: Rs 90.05 per liter
- Lucknow: Petrol rate: Rs 96.57 per liter, Diesel rate: Rs 89.76 per liter
- Noida: Petrol rate: Rs 96.79 per liter, Diesel rate: Rs 89.96 per liter