Petrol-Diesel Price / Crude oil fell below $83, has petrol become cheaper in your city?

Zoom News : May 08, 2024, 08:13 AM

Petrol-Diesel Price: Crude oil prices have been seen below $85 per barrel for almost a week. Last time on May 1, crude oil from Gulf countries was seen at $ 85 per barrel. On the other hand, American crude oil is also seen below 80 dollars per barrel since May 1. According to experts, recession is being seen in China and other countries of the world. The demand for crude oil has decreased. The effect of the indication given by OPEC to further increase the voluntary cut is not visible. The tension in the Middle East has reduced. Many people have come to bring about reconciliation between the two countries. Due to which further decline in the price of crude oil may not be seen.

On the other hand, there has been no change in the prices of petrol and diesel in India. Experts have already stressed that after the Rs 2 cut in mid-March, there will be no change in the prices of petrol and diesel after the elections. Yes, there is definitely a hope that after the elections, petroleum companies will definitely increase the price of fuel to compensate for their losses. When fuel was made cheaper in the month of March, it was expected that the profit of petroleum companies could be reduced by Rs 30 thousand crore in the next one year. Let us also tell you what the prices of petrol and diesel have become at present.

Slight decline in crude oil prices

Due to reducing tension in the Middle East, tension regarding supply has also started reducing. The effect of which is also visible in the price of crude oil. If we talk about Tuesday, the prices of crude oil in the international market have closed with a decline. Brent crude futures fell 17 cents to $83.16 a barrel and US West Texas Intermediate crude futures fell 10 cents to $78.38. Prices fell further after the settlement, after market sources said American Petroleum Institute data showed US crude and fuel stocks rose last week. Rising inventories, typically a sign of weak demand, have defied analysts' expectations in recent weeks.

Petrol and diesel prices did not change

There has been no change in the prices of petrol and diesel in the four metros of the country. Even on 8th May, the prices of petrol and diesel as on 16th March will be applicable. Before that, the government had announced a reduction of Rs 2 in the price of petrol and diesel in the country. The special thing is that this cut was made a few days after the statement of the Petroleum Minister, in which he had said that the international environment is not good. Logistics and insurance costs have increased due to attacks in the Red Sea. After this cut, it was estimated that the country's petroleum companies are still in loss. Recently the fourth quarter figures of petroleum companies were revealed. In which there has been a decline in their profits.

Petrol and diesel prices in major cities of the country