There has been no change in the price of petrol and diesel for months. However, now the common people who are expecting a drop in the price of fuel can get relief. It is being claimed in a section of the media that the government is considering reducing the price of diesel and petrol. After these reports came out, today on the last day of the week, the shares of oil marketing companies are seeing a decline.
The government is discussing the price cut
According to a report by Business Today, the recent fall in the price of crude oil has increased the profits of oil companies. Due to increased profitability, government oil companies have reached a position that they can provide some relief to the common people on the price of diesel and petrol. According to the report, inter-ministerial discussions are going on regarding this. Officials are keeping an eye on the changes taking place at the global level.
The last change was 6 months ago
There has been no change in the price of diesel and petrol for almost 6 months. The central government had given relief to the customers for the last time on 14 March 2024. At that time, just before the announcement of the Lok Sabha elections, the price of diesel and petrol was reduced by Rs 2 per liter. After the reduction, petrol in Delhi came down to Rs 94.72 per liter and diesel to Rs 87.62 per liter.
Huge fall in crude oil this week
Globally, the price of crude oil has fallen by about 8 percent during this period. This week alone, the price of Brent crude has fallen by about 8 percent, while the price of West Texas Intermediate has fallen by about 6 percent. Today Brent crude is trading below $ 73 and West Texas Intermediate below $ 70 per barrel. This is the lowest level of crude oil in the last 9 months.
Crude oil outlook is weak
Internationally, crude oil prices are expected to fall further. Sluggish economic data in the US has softened the price of crude oil. On the other hand, OPEC Plus i.e. major countries producing crude oil are preparing to increase production. However, at present they have agreed to postpone the plan to increase production till October-November. Overall, the outlook for crude oil looks weak in the coming months.
Assembly elections are going to be held in many states
If we look at the domestic front Lok Sabha elections, the Prime Minister Narendra Modi’s party BJP suffered a big loss. After that, assembly elections are going to be held in many states. Due to this, the hope of reduction in the price of diesel and petrol has increased once again. The impact of such news has been on the shares of oil marketing companies today. Shares like HPCL, BPCL and Indian Oil have fallen by more than 2 percent after the news of price reduction.
