Petrol-Diesel Price / Crude oil prices decreased because of China, did petrol prices decrease?

Zoom News : Jan 20, 2024, 08:30 AM

Petrol-Diesel Price: Crude oil prices closed with a decline in the international market on Friday. The main reason for this was the weak economic growth figures of China. Due to which there is a suspicion that the price of crude oil will increase due to China's demand in the year 2024. By the way, if we talk about the last week, there has been an increase in the price of crude oil due to the tension in the Middle East. On the other hand, there has been no change in the prices of petrol and diesel in India. According to experts, petrol and diesel may become cheaper by Rs 10 per liter in the month of February.

There has been no change in the prices of petrol and diesel in India since May 2022. At that time, the country's Finance Minister Nirmala Sitharaman had reduced the tax on fuel price. On the other hand, there has been no change in the prices of petrol and diesel from the government oil companies. Experts say that after the arrival of third quarter figures, OMC's profit can reach Rs 75 thousand crores. Also, oil companies are making a profit of Rs 10 per liter on the price of petrol and diesel. Due to which petrol and diesel can become cheaper. Let us also tell you what kind of crude oil prices are being seen in the international market and how much will you have to pay for petrol and diesel?

Crude oil price in international market

There has been a slight decline in the price of crude oil in the international market. Brent futures of crude oil from Gulf countries fell 54 cents and closed at $ 78.56 per barrel. On the other hand, American crude oil US West Texas Intermediate crude fell 67 cents and closed at $ 73.41. Whereas during the week, Brent saw an increase of about 0.5 percent and American oil saw an increase of more than 1 percent. In fact, on Friday, crude oil prices came under pressure due to China's economic data. China's fourth quarter economic growth figures were below expectations. Due to which a doubt has arisen that due to increase in demand in the year 2024, prices will increase. Bob Yoger, director of energy futures at Mizuho Bank, said the Chinese equity market fell to a five-year low this week. Crude oil prices fell on Friday due to weak demand.

Middle East tension

The tension in the Middle East definitely gave some strength to the prices of crude oil during the week. On Friday, tensions appeared to be rising again in Gaza as Israeli forces moved south against Hamas terrorists. While at the beginning of the week, the US launched new strikes against Houthi anti-ship missiles targeting the Red Sea. Although no oil production has stopped due to the conflict in the Middle East, supply disruptions in Libya continue. In the US, about 30 percent of oil production in North Dakota, the country's third largest producing state, remained closed due to extreme cold. Due to which there was some problem in supply.

Since when has the price of petrol and diesel been stable?

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, 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