Petrol Diesel price / Increasing tension in the Middle East, will there be less pressure on petrol prices in India?

Zoom News : Feb 14, 2024, 08:07 AM

Petrol Diesel price: Geopolitical pressure is continuously increasing from Middle East to Europe. Due to which the prices of crude oil are increasing. But this increase is not so much that it causes panic in the world or the oil companies of India are not able to provide relief to the common people. It has been made clear to the oil marketing companies that there is instability in the international market and the losses of the petroleum companies have not been recovered. Because of which there is little scope for reduction in the prices of petrol and diesel. On the other hand, according to a report, the profit of companies on petrol has reduced. Whereas a loss of Rs 3 per liter has started on diesel.

However, the prices of petrol and diesel in India have not changed since May 2022. Then the country's Finance Minister Nirmala Sitharaman gave some relief by reducing the tax on the prices of petrol and diesel. On the other hand, oil marketing companies have not made any change in the prices of petrol and diesel from April 2022. The surprising thing is that from March 2022 till now, the price of crude oil has seen a reduction of $ 60 per barrel. Let us also tell you what the price of crude oil has become in the international market at present. Also, what have been the prices of petrol and diesel in major cities of the country.

Increase in the price of crude oil

Oil prices remained high on Tuesday due to continuing geopolitical tensions in the Middle East and Eastern Europe. On the other hand, the Federal Reserve has made it clear that interest rates can be kept on hold for a short period of time, due to which the rise in prices has definitely reduced a bit. The price of Brent crude oil from Gulf countries is trading at $ 82.50 per barrel with an increase of 0.61 percent. While US crude oil US West Texas Intermediate (WTI) crude closed at $ 77.87 per barrel, up 95 cents or 1.24 percent. Oil prices were almost stable on Monday after increasing by 6 percent last week.

Continuously increasing geopolitical tension

According to sources, America rejected Russian President Vladimir Putin's suggestion for a ceasefire in Ukraine. John Kilduff, a partner at New York-based Again Capital, said the rejection shows that a ceasefire or peace deal will not happen until Ukraine gets what it wants. Due to which American sanctions have also started taking effect, and we are seeing that various countries are withdrawing from taking Russian supplies. Fears of further escalation of war in the Middle East have also increased concerns about the oil supply outlook. Talks with the US, Egypt, Israel and Qatar on Gaza ceasefire ended without any success. The Houthis continue to attack commercial shipments from America, Britain and Israel. For this reason, there is a rise in the prices of crude oil.

Since when have fuel prices not changed?

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