Petrol and Diesel Prices : There may be a big cut in the price of petrol and diesel in the coming days. In fact, the price of crude oil in the international market has come down to the lowest since January. Benchmark Brent crude fell $ 2.6 / barrel, or more than 3%, to $ 80.97 a barrel on Monday.
At the same time, the cost of the ‘Indian basket’ (crude oil bought by Indian refiners) has come down to $82 per barrel from an average of $112.8 per barrel in March due to fall in Brent crude oil prices. That is, there has been a huge reduction in the cost of petrol companies.
Anuj Gupta, Vice President of Research at IIFL Securities, told India TV that Brent crude in the Indian basket has become cheaper by $30 a barrel. In such a situation, the government can cut the price of petrol by 6 rupees. At the same time, a reduction of Rs 5 can be made on diesel as well.
Prices haven’t changed since May 22
Petrol and diesel prices are supposed to revise daily, but government-owned petroleum companies have not reduced prices since April 6. The prices had come down after the excise duty cut on May 22 this year. However, the prices have remained stable since then. Earlier in April, the prices of petrol and diesel were increased by Rs 10 per litre. Petrol currently costs Rs 96.72 a liter in the national capital and diesel costs Rs 89.62.
Price unlikely to increase soon
There is a possibility of recession in many countries of the world. From China to European countries, this time there is a possibility of less demand in winter. On the other hand, the reason for the ongoing fall in Aarey crude oil prices is the increase in interest rates and the lockdown in China. In such a situation, there is no hope of increasing the price of crude oil in the coming times.