Petrol Diesel Price / Crude oil prices fell due to US Fed signal, has petrol become cheaper?

Zoom News : Feb 24, 2024, 08:07 AM

Petrol Diesel Price: The US Central Bank has made it clear that no significant change is going to be seen in the policy rate right now. Common people may have to wait longer for interest rate cuts. Due to which there was a rise in the dollar index and a fall in the price of crude oil. Apart from the oil of Gulf countries, there has also been a decline in the price of American oil. There is news that an increase has also been seen in American oil inventories. The effect of which has also been seen in the price of oil. Well, the Middle East tension is not over yet. But after two triggers like Fed and inventories, there has been a decline in the price of crude oil.

On the other hand, there has been no impact on the prices of petrol and diesel in India. Even after almost two years, fuel prices are frozen. Last time there was a change in the prices of April and diesel by the oil marketing companies. Whereas in May 2022, Finance Minister Nirmala Sitharaman had tried to give less tax relief in the prices of petrol and diesel. No change has been seen since then. Since then, the price of crude oil has seen a decline of between 40 to 50 percent.

In the first 9 months of the current financial year, the profit of oil companies has reached Rs 69 thousand crores. Which is likely to cross Rs 90 thousand crore in the current financial year. Even after that, no change has been seen in the price of fuel. Let us also tell you what the price of crude oil has become at present. Also, how much will the common people have to pay for petrol and diesel?

Price of crude oil

By the time the international market closed on Friday, the price of crude oil had seen a decline of more than two and a half percent. Brent crude of Gulf countries was down by 2.45 percent i.e. more than $2 per barrel at $81.62 per barrel. By the way, Brent crude oil is trading at more than $ 80 per barrel for the last 12 trading days. On the other hand, there has also been a decline in the price of American crude oil. Due to increase in American inventories, the price of WTI has seen a decline of 2.70 percent i.e. $ 2.12 per barrel. After which the price has come down to $76.49 per barrel. According to experts, further decline may be seen in the price of crude oil.

Since when are fuel prices frozen?

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