Business / Big relief on petrol diesel price OPEC cut fuel price stable in India just gets longer

Zoom News : Oct 06, 2022, 09:57 PM
Petrol Diesel Price: Petrol and diesel prices are likely to remain stable across the country. At present, there will be no change in the price of fuel. Industry experts are saying so. Indeed, after the announcement of major cuts in crude oil production by the Organization of the Oil Production Countries (OPEC+) OPEC+, international oil prices have jumped. In such a situation, it is believed that the revision in the prices of petrol and diesel in India will be postponed for now. Let us tell you that there has been no change in fuel prices in the country for the last six months.

OPEC Plus took a big decision

Let us tell you that the world's top oil producing countries on Wednesday agreed to cut production by 2 million barrels per day from November to improve oil prices. Crude oil prices had recently dropped to pre-war levels between Ukraine and Russia. This is bad news for India. The fall in oil prices in recent weeks had helped India cut its import bill as well as limit losses to public sector petroleum companies on the sale of petrol and diesel.

What do industry experts say?

Industry sources said losses on diesel had come down from a peak of around Rs 30 per liter to around Rs 5 per liter before the OPEC Plus decision, while oil companies started making marginal profits on petrol. He said rise in crude oil prices and depreciation of rupee against the US dollar will lead to losses on diesel sales and reduction in margins on petrol.

Explain that India imports 85 percent of its crude oil requirements and international oil prices directly determine domestic pricing.