Petrol-Diesel Price / Is the oil game over, the biggest fall in the price of crude oil in 5 years, has petrol become cheaper?

Zoom News : Dec 12, 2023, 08:22 AM

Petrol-Diesel Price: Even though the prices of crude oil closed with a slight increase in the international market on Monday, it has seen a decline for the 7th consecutive week. For the first time in five years, a decline in crude oil prices has been seen for 7 consecutive weeks. That too when the organization of crude oil producing countries has indicated to extend the production cut till March next year. According to experts, due to increase in supply and decrease in demand for fuel, there is a softening in the prices of crude oil. Indian oil companies are benefiting from this. In the first quarter of the financial year, three oil companies of the country have earned a profit of Rs 28 thousand crore due to softening of crude oil and selling cheaper oil from Russia.

In view of this, brainstorming has started in the Finance Ministry and Oil Ministry. According to media reports, the country is considering reducing the prices of petrol and diesel in the next few weeks. Both the ministries are of the opinion that the losses of the oil companies have ended. All the companies have become profitable. In such a situation, common people should now get the benefit of cheap crude oil prices. By doing this the government is trying to hit many targets with one stone.

The first target will be on inflation. The level of inflation in the country will be controlled by reducing the prices of petrol and diesel. The second target will be on the pockets of common people. In fact, if inflation comes down, the government can make a plan to reduce EMIs with the help of RBI. This means that it can provide relief by reducing interest rates. The third target will be on 100 crore voters of the country. Lok Sabha elections are going to be held in the country next year. By giving relief to the common people, the government will try to shift as many votes as possible towards itself.

There has been no change in the prices of petrol and diesel in the country from May 2022. From then till now, people of the country are forced to buy petrol at more than Rs 100 per liter in many states. In big cities like Kolkata, Mumbai, Chennai and Bengaluru, the price of petrol is more than Rs 100 per liter. Diesel prices are Rs 90 or more in these cities. Let us also tell you what the price of crude oil has become at present. What is the price of petrol and diesel in the metropolitan cities of the country?

Longest weekly decline in 5 years

There has been a decline in the price of crude oil in the international market for the 7th consecutive week. The longest weekly decline in the price of crude oil has been seen since 2018. According to Bloomberg data, oil from Gulf countries, also known as Brent crude oil, is closing at $ 76.03 per barrel. On Monday, a slight increase of 19 cents was seen in it. At the same time, the price of American crude oil i.e. WTI has also increased by 9 cents at $ 71.32 per barrel. According to experts, due to decrease in demand and over supply of crude oil, there is a decline in prices.

There has been no increase in the prices of petrol and diesel since May 21.

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. 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