Petrol Diesel Rates: The general public in the country is not happy with the current prices of petrol and diesel and constantly expects relief from the government on these prices. Now when the prices of crude oil at the international level are cheaper than before, there is a demand in the country also to reduce the rates of fuels like petrol and diesel. Now such news has come for you that you are seeing signs of relief on the rates of petrol and diesel. In fact, based on the fall in the price of crude oil in the international market, there is a possibility of reducing the prices of petrol and diesel by Rs 2-3 per liter in the domestic market, rating agency ICRA has said in a note.
ICRA has said in its note that the price of crude in the international market has come down to Rs 74 per barrel in September, which is much lower than the $83-84 per barrel in March. If this continues and crude oil prices remain low, then domestic oil marketing companies can reduce fuel prices by Rs 2 to Rs 3. For common customers, this decision can reduce the increased burden on their pockets.
Why did Iqra say this?
According to ICRA, due to the recent decline in crude, India’s Oil Marketing Companies (OMCs) are sitting on good margins. At this time, these government controlled OMCs will not suffer any loss due to reduction in the prices of petrol and diesel because they have already made profits and they should now send this profit to the customers as relief.
what iqra said
ICRA estimates that by September 17, 2024, the recovery for these oil marketing companies on obtaining petrol will be Rs 15 per liter more and for diesel by Rs 12 per liter as compared to the international product price.
Why is there scope for reducing oil prices?
Let us tell you that the retail prices of fuel have remained stable without any change since March 2024. On March 15, 2024, shortly before the Lok Sabha elections, the prices of petrol and diesel were reduced by two rupees per liter. According to ICRA, when fuel rates remain the same. If this situation continues then there should be no problem in reducing the rates of petrol and diesel by two to three rupees per liter. Oil companies are able to bridge the GRM of $0.9 per barrel with the market gain of Rs 1 per liter of petrol and diesel.
Why are crude oil prices decreasing?
Crude oil production in America is very high and due to weak global growth due to geo-political tensions, the price of crude oil has seen a huge decline in the last few months. Apart from this, OPEC and OPEC+ countries have extended their decision to withdraw their crude production cuts by two months. Due to this, crude oil is becoming cheaper.
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