Petrol-Diesel Prices / Check fuel price before filling the tank, has petrol become cheaper?

Zoom News : Mar 10, 2024, 08:21 AM

Petrol-Diesel Prices: On Saturday, when the country's Petroleum Minister Hardeep Singh was asked about reducing the prices of petrol and diesel, he replied that the situation in the international market is not good. The conditions of the Red Sea are not good. There are daily attacks on cargo ships. Due to which there is an increase in both transportation cost and insurance. The most important thing is that petroleum companies are still in recovery mode.

This means that until the international market and geopolitical scenario becomes stable and petroleum companies become profitable, there will be no reduction in the prices of petrol and diesel. Whereas in the first 9 months of the current financial year, OMC has made a profit of Rs 69 thousand crores. By the end of the financial year, this profit is expected to reach Rs 80 to 90 thousand crores.

Crude oil prices

However, the prices of crude oil in the international market have decreased last week. Oil from Gulf countries has become cheaper by about 2 percent. On Friday, there was a decline of one percent in the price of Brent crude oil. Due to which it is being seen at $82.08 per barrel. On the other hand, the prices of American crude oil have decreased by about two and a half percent in a week. A decline of 1.17 percent was seen in the price of WTI on Friday. In such a situation, the price has come to $ 78.01 per barrel. According to experts, due to less demand from China, there has been a decline in the prices of crude oil. The special thing is that OPEC Plus has extended its voluntary production cut till June.

Petrol and diesel prices are frozen in India

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, 2022. 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