Petrol-Diesel Price / Oil became cheaper for Gulf countries, did the price of petrol reduce in your city?

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

Petrol-Diesel Price: There has been a decline in the price of crude oil. Especially the oil of Gulf countries has become cheaper by more than one percent. Due to which the price of Brent crude oil has fallen below $ 84 per barrel. There has been an increase in the price of crude oil in the last two weeks. In the last two weeks, oil prices in Gulf countries have seen an increase of more than 8.50 percent. On the other hand, the price of American oil has seen an increase of more than 7 percent. By the way, there is a slight increase in the price of American oil even today.

According to experts, the fall in the price of Brent crude oil has arisen due to demand concern from China. It is not yet clear how much demand will come from China. According to experts, the way China's economy is looking, the demand is expected to be low. Due to which the price of crude oil may fall in the coming months. However, there has been no impact on the prices of petrol and diesel in India. Let us also tell you what is the price of petrol and diesel in major cities of India, starting from the price of crude oil.

Fall in crude oil prices

There has been a decline in the price of Brent crude oil in Gulf countries. According to Bloomberg data, there is a decline of 1.38 percent in the price of Brent crude oil and the price has come down to $ 82.40 per barrel. Whereas in the month of January so far, the price of crude oil has seen an increase of more than 8.52 percent. On the other hand, there is a slight increase in the price of American crude oil WTI. According to the data, it is trading at $ 77.06 per barrel with an increase of 0.36 percent. However, an increase of more than 7 percent has been seen in the price of WTI.

Petroleum companies made profits

Quarterly results of petroleum companies have started coming. BPCL figures were released on Monday. BPCL's consolidated net profit for the third quarter of the current financial year 2023-24 has increased by 82 percent to Rs 3,181.42 crore. The company's profit has increased due to better than expected refining margins and higher margins on fuel sales. The net profit of the company in the same quarter of the last financial year 2022-23 was Rs 1,747.01 crore.

However, the company's profit was less than the figure of Rs 8,243.55 crore of the previous quarter (July-September, 2023). During the quarter, BPCL earned $13.3 for converting each barrel of crude oil into petrol or diesel. Meanwhile, BPCL's marketing margin (profit) is estimated to be Rs 3.5 per liter in October-December. In the first nine months of the current financial year, April-December, the company recorded its highest ever net profit of Rs 22,069.27. The company had suffered a loss of Rs 4,739.42 crore in April-December, 2022. Some similar quarterly results are expected from HPCL and IOCL.

Petrol and diesel may become cheaper in February

Based on the quarterly results of the three companies, the profit is expected to cross Rs 75 thousand crore in 9 months. On the other hand, companies are making profits of Rs 11 and Rs 6 per liter on petrol and diesel. This is the reason that in the month of February, companies can reduce the price of petrol and diesel by Rs 5 to 10 to provide relief to the common people. If experts are to be believed, the government has also decided to provide relief to the common people before the elections. For this, the government is in constant talks with petroleum companies. After the budget and subsequent monetary policy meeting of RBI in February, a major decision regarding the prices of petrol and diesel can be taken.

Since when is the price of petrol and diesel 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