Crude Oil Prices / Crude oil prices will fall, will petrol and diesel become cheaper?

There may be relief in petrol and diesel prices soon. Petroleum Minister Hardeep Singh Puri indicated that if crude oil remains at the current level for two-three months, then India can reduce prices. India now buys crude oil from 40 countries and is moving towards energy security.

Crude Oil Prices: A good news has come for the people struggling with inflation. Petroleum Minister Hardeep Singh Puri has indicated on Thursday that a reduction in the prices of petrol and diesel is possible in the coming time. He said that if the international prices of crude oil remain stable for the next two to three months, then India will have scope to cut fuel prices.

Puri said that India is contacting various countries for the supply of crude oil and the addition of new sources of oil supply may soften the prices. He said, "We have sufficient amount of oil and we are aware of energy security. For this, we are working on a policy to buy oil from more and more countries."

Crude oil is now imported from 40 countries

India has expanded the scope of its import network. Earlier, where India used to import oil from 27 countries, now this number has increased to 40. According to the minister, India's share in the international oil market is increasing rapidly. 16% of the market growth has come from India and according to some reports it can reach 25%.

If the supply from Russia stops, the crisis will deepen

Puri expressed concern over the secondary sanctions that can be imposed by the US on oil imports from Russia. He said that Russia produces about 10% of the world's crude oil. If Russia's supply is disrupted, then prices can go up to $ 130 per barrel globally.

Puri also said that continuing crude oil imports from Russia has kept global energy prices stable. Countries like Turkey, China, Brazil and the European Union are also buying oil and gas from Russia, which indicates that energy security has become a global priority today.

Will the public get relief soon?

It is clear from all these statements and efforts that the Government of India is working seriously towards cheap fuel. If global conditions remain favorable, then soon there can be a reduction in the prices of petrol and diesel, which can provide great relief to the common people.