Crude oil prices continue to fall amid concerns about a global economic slowdown. In the international market, crude oil became the cheapest in three months to reach below $100 per barrel. The strengthening of the dollar against other global currencies, strict restrictions in the biggest oil importer China due to rising cases of the corona, and falling demand across the world have led to a fall in crude oil prices. Due to this, US oil standard West Texas Intermediate (WTI) crude fell to $ 96.09 a barrel. Earlier in early April, crude oil prices were below $100 a barrel. However, global oil benchmark Brent crude rose one percent to reach USD 100.5 per barrel.
Earlier, crude oil and other commodity prices rose sharply due to supply disruptions after the start of the Russo-Ukraine war. Due to this, crude oil rose from $ 90 a barrel to a high of $ 115 a barrel in the last week of February. Reuters said in its report that this fall in crude oil prices after a month of slight volatility is pointing to the concerns prevailing in the market. The market has also been affected by the central banks raising interest rates to control inflation. Such measures will give momentum to the economy, but the coming slowdown will affect the demand for crude oil.
17.72 percent decline in one month
According to the data, the prices of Brent crude have declined 1.25 percent in a week in the global market. During this period, WTI crude has fallen by 2.91 percent. In one month, their prices have declined by 15.58 percent and 17.72 percent, respectively. However, Brent crude has gained 33 percent and WTI crude 30.81 percent in one year.
Need for review of a windfall tax on domestic production
The windfall profit tax needs to be reviewed because of the sharp fall in the refining (refining) margins of diesel, petrol, and aviation fuel (ATF) refineries due to the fall in crude oil prices. Brokerage group CLSA said on Wednesday that crude oil prices had hit an all-time high in June. But, now due to their softening, there has been a big decline in the margins on refining of diesel, petrol, and ATF in the last two weeks. In such a situation, questions arise about the need to continue with the windfall tax imposed two weeks ago. On July 1, the government imposed a windfall tax of Rs 23,250 per tonne or $40 a barrel on domestic crude oil production. At that time, the Finance Ministry had talked about reviewing it every fortnight.
The profit from refining diesel, which was $ 55-60 a barrel in June, has come down to $ 30 a barrel.
At ATF, it has come down from $ 50-55 per barrel to $ 25-30 per barrel.
Profit on petrol also came down from $ 30-35 a barrel to $ 10-15 a barrel.
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