2024-09-28 14:28:09
New Delhi: The prices of crude oil are continuously decreasing. Since March till now it has decreased by 19 percent. On the other hand, oil companies are not reducing the prices of petrol and diesel. Common people are not getting relief from this. Oil companies are taking maximum advantage of the price of crude oil. Since March, the profit of oil companies on petrol has increased by Rs 15 per liter. Whereas the profit on diesel has increased by Rs 12 per liter.
Now that assembly elections are to be held in many states including Haryana, the government can provide relief to the common man by reducing oil prices. According to sources, the government may reduce oil prices by Rs 2 to 3 per liter in view of the upcoming festive season. However, no date has been fixed regarding when this decision will be taken. It is believed that the government may take a decision in this regard in the next few days.
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How much did crude oil become cheaper?
In March, the price of crude oil was around $84 per barrel. Currently its price is around $68 per barrel. In such a situation, till now its price has decreased by 16 dollars per barrel i.e. about 19 percent. If we talk about a week then there has been a decrease of about 4 dollars. Despite the fall in the price of crude oil, there has been no reduction in the prices of petrol and diesel.
Why did petrol and diesel not become cheaper?
India saves a lot due to reduction in the price of crude oil. A fall of one dollar per barrel results in annual savings of Rs 13 thousand crore on India’s import bill. Since oil companies have been reporting losses, the prices of petrol and diesel were not increased until they were brought into profit. Now companies are making profits. Also, crude oil prices are below the Government of India’s target of $85. In such a situation, the prices of petrol and diesel may reduce.
Companies earned Rs 81 thousand crores
Will the price of oil become cheaper?
The government may reduce the prices of petrol and diesel in the coming few days. According to rating agency ICRA, if the prices of crude oil remain stable, then the price of petrol and diesel can be reduced by Rs 2 to 3 per liter. At present, the most expensive petrol and diesel in the country is in Andhra Pradesh. Here petrol is Rs 108.46 per liter and diesel is Rs 96 per liter.