Due to the fall in the price of crude oil, the prices of petrol and diesel in the country may come down by up to Rs 14. Crude oil (Brent) prices in the international market are at a low level since January. It has now come down to $81. US crude is close to $74 per barrel.
Petrol and diesel prices may come down for the first time since May
In particular, the significant drop in crude oil prices has brought down the average crude oil price (Indian basket) for Indian refineries to $82 per barrel. It was $112.8 in March. According to this, in 8 months, the price of crude oil for the refining companies has decreased by $ 31 (27%).
According to SMC Global, the country's oil companies save 45 paise per liter on refining for every $ 1 fall in crude. Accordingly, the price of petrol-diesel will be Rs.14. Should be less than per liter. However, according to experts, the entire reduction will not happen in one go.
Know the 3 reasons for the reduction in the prices of petrol and diesel
1. Saving Rs 245 per barrel to oil companies
According to the current prices of petrol and diesel in the country, the Indian basket of crude oil should be around $85 per barrel, but it has come to around $82. At this price, oil marketing companies will save about Rs 245 on refining per barrel (159 liters).
2. Losses to oil companies are over now
Petroleum Minister Hardeep Singh Puri had said that government oil companies have started making profits on the sale of petrol, but diesel is still incurring a loss of Rs 4 per liter. Brent crude has become cheaper by about 10% since then. In such a situation, companies have become profitable even on diesel.
3. Crude oil rising toward $70, will get relief
Petroleum expert Narendra Taneja said that Brent is rapidly moving towards $ 70. This will reduce the prices of petrol and diesel, but it will take some time. The cycle from oil import to refining is 30 days. The effect is visible after one month of reduction in the price in the international market.
Today's price of petrol and diesel
Oil prices in the country have remained almost stable for the last 6 months. Although petrol was cheaper by Rs 5 per liter in Maharashtra and diesel by Rs 3 per liter in July, in other states the prices remained the same.
Petrol and diesel prices mainly depend on 4 factors
crude oil price
us dollar rate against the rupee
Taxes collected by the central and state governments
Fuel demand in the country
India imports 85% of its crude oil requirement.
We buy more than 85% of our crude oil requirement from outside. We have to pay the price for this in dollars. In such a situation, due to the increase in the price of crude oil and the strengthening of the dollar, petrol and diesel become expensive. Crude oil comes in barrels. One barrel means 159 liters of crude oil.
How are the prices of petrol and diesel decided in India?
Till June 2010, the government fixed the price of petrol and it was changed every 15 days. After June 26, 2010, the government left the determination of petrol prices to the oil companies. Similarly, till October 2014, the government used to fix the price of diesel.
From October 19, 2014, the government handed over this work to the oil companies. At present, oil companies fix the price of petrol and diesel daily keeping in mind the price of crude oil in the international market, exchange rate, taxes, transportation cost of petrol and diesel, and many other things.
Akshay Kumar: Akshay Kumar got angry at being called 'Modi devotee', and said - I have made films even during the Congress era.
Akshay Kumar is in the headlines these days for his latest release film 'Mission Raniganj'. The film seems to be ineffective in doing wonders at the box office. In this episode, the actor has once
Rise and Fall receives a major setback as Pawan Singh abruptly leaves the show; find out why.
Based on the theme of Bigg Boss 19, Ashneer Grover has brought a new show to MX Player called Rise and Fall. Pawan Singh is gaining the most popularity on the show, with many of his videos going viral
Asim Munir: 'Osama bin Laden wearing Asim Munir suit', former Pentagon official shows a mirror to the PAK army chief
A former Pentagon analyst, Michael Rubin, has strongly criticized Pakistan's recent nuclear threats. He described Pakistan as behaving like a rogue nation after threatening remarks made by its army
Operation Sindhu: 326 Indian citizens returned from Israel, MEA said- Safety of Indians abroad is our priority
Amid Israel-Iran tensions, the process of returning Indian citizens to their homeland under Operation Sindhu continues. On Tuesday morning, two Air Force planes carrying 326 Indian citizens from
On his birthday, Samay Raina took a big step and apologized on social media for his actions.
Stand-up comedian Samay Raina is celebrating his birthday today. On this occasion, he apologized to the public for a mistake he made. The comedian addressed the controversy surrounding jokes he made
Kuwait Fire: The building was engulfed in flames, people jumped from the third floor to save their lives; the scene was terrifying
The fire in a Kuwait building claimed 49 lives. The fire was so fierce that many people were forced to jump from the building as there was no way to save their lives in the smoke.
China: Despite the easing of Covid restrictions, there is a shadow of silence in Beijing, with people avoiding going out of the house
Nothing is going well in China at the moment. People have taken to the streets against the zero covid policy of the government. Please tell us that the effect of this protest was seen in 13 big cities
Guru Randhawa: After targeting Diljit Dosanjh without taking his name, singer Guru took this step; closing his account
Punjabi singer Guru Randhawa wrote a cryptic post targeting Diljit Dosanjh amid the 'Sardarji 3' controversy. After this, the singer had to face criticism on social media. Then after some time Guru
PM Narendra Modi: 'Economic development only through permanent government', the PM said - There will be no place for communalism in developed India
Prime Minister Narendra Modi said that economic development of the country is possible only with a stable government. India will be a developed nation by 2047 with no place for corruption, casteism,
Will the new army chief be able to keep Pakistan together, these are the challenges
It is almost impossible to see the army and politics separately in Pakistan. Ever since the formation of Pakistan, the army has been directly or indirectly interfering in politics here. Many times, in
