Petrol Diesel price / Big news on crude oil before Holi, has it affected the price of petrol?

Zoom News : Mar 23, 2024, 08:47 AM

Petrol Diesel price: Before Holi, big news has come on the prices of crude oil. Actually this news is related to Middle East tension. Due to which the price of crude oil has been affected. There is news that talks have started on ceasefire on Gaza. Due to which a decline in the price of crude oil was seen on Friday. On one hand, American oil prices have fallen below $81 per barrel. On the other hand, oil from Gulf countries has moved further away from $86 per barrel.

On the other hand, after the ongoing war in Europe and decline in American rigs, the decline was not much visible. Otherwise, a sharper decline in prices could have been seen. Apart from this, the possibility of reduction in interest rates has also put a slight brake on the price of crude oil. However, experts say that as the climate in Gaza and Europe cools down, there will be a decline in the prices of crude oil. Let us also tell you what the prices of crude oil have become at present and how much of its impact has been seen in the prices of petrol and diesel in India.

Fall in crude oil price

In view of the possibility of ceasefire in Gaza, a decline in oil prices was seen on Friday. Brent crude oil of Gulf countries closed at 85.43 with a loss of 35 cents. On the other hand, American crude WTI fell 44 cents and closed at $ 80.63 per barrel. However, a decline of less than one percent was seen in both types of crude oil. John Kilduff, partner of Again Capital LLC, said that everyone will be watching over the weekend to see what will happen regarding Gaza.

He said successful peace talks would prompt Yemen's Houthi rebels to allow oil tankers to pass through the Red Sea. US Secretary of State Antony Blinken said on Thursday that he believes talks in Qatar can lead to a Gaza ceasefire agreement between Israel and Hamas. Blinken met Arab foreign ministers and Egyptian President Abdel Fatah al-Sisi in Cairo as negotiators in Qatar focused on a nearly six-week ceasefire.

Petrol and diesel prices freeze

There has been no change in the prices of petrol and diesel in the four metros of the country for the 8th consecutive day. Before that, the government had announced a reduction of Rs 2 in the price of petrol and diesel in the country. This announcement also came after keeping the prices of petrol and diesel frozen for almost two years. Oil companies had changed the prices of petrol and diesel after April 2022. Whereas changes in the prices of petrol and diesel were seen across the country after May 2022. Experts say that due to this reduction in the price of petrol and diesel, there may be a reduction of about Rs 30 thousand crore in the profit of oil marketing companies in the next one year. Whereas if we look at the figures of the first 9 months of the current financial year, the three government oil companies of the country had made a profit of more than Rs 69 thousand crores.

Petrol and diesel prices in major cities of the country