Petrol Price: Crude is getting cheaper yet why did the price of petrol and diesel not decrease in India? learn here


New Delhi: The price of petrol in the country is Rs 100 per liter in most of the states and in the past, there has been such a jump in the prices of diesel that everyone from mango to special got upset. Regarding petrol and diesel, it is always heard that the price of crude oil in foreign countries will be low, only then the way of getting cheaper petrol and diesel in the country opens. Although the price of crude oil has been decreasing continuously in the last few days, but still fuel is not getting cheap in India. Here we will tell why this is happening and what condition is necessary to be fulfilled for the price of petrol and diesel to be cheap in future also.

What are the prices of petrol and diesel in India
In fact, there has been no change in the price of petrol and diesel in the country for the last 25 days, although the news of Brent crude becoming cheaper is continuously coming from the crude oil exporting countries. In such a situation, when the fuel will be cheaper in the country, this question is being asked. According to the website of IOCL, today the price of 1 liter of petrol in New Delhi, the capital of the country, is Rs 103.97 and the price of diesel is Rs 86.67.

When and how will the fuel prices in the country come down?
Globally, if crude oil prices remain at lower levels for a few more days, only then the prices of petrol and diesel in India will come down. Official sources said domestic retail prices are determined on the basis of a 15-day ‘rolling’ average. In such a situation, only after the continuous fall in the prices at the global level, the prices will come down here.

What is the price of crude
Global benchmark Brent crude oil prices have remained roughly in the range of around $80-82 per barrel in November (till November 25). On the same Friday, the price of crude oil fell further by about $ 4 per barrel. After that, due to selling in Brent Futures, its price in London’s ICE closed down by $ 6 and at $ 72.91 per barrel. However, sources said that this is expected to decrease due to the fear created due to the new variant Omichrome of Kovid.

Why IOCL, BPCL and HPCL have not reduced the price for the time being
The country’s state-run petroleum companies Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation (HPCL) revise the prices of petrol and diesel on a daily basis. But this modification or change is based on the average benchmark international rate in the last fortnight. Therefore, on Sunday, the price of petrol and diesel has been fixed on the average of the last 15 days.

what are the sources
According to another source, according to the information received, ‘Due to the fall in rates on Friday, it was expected that the prices of petrol and diesel would come down at petrol pumps. But the retail price is not fixed like this. Since international crude oil prices have remained in a narrow range for most of November, Friday’s fall will not have any significant impact on the average price.

Another source said that ‘at the international level, when the fall in prices continues for a few more days, only then the prices of petrol and diesel will come down here’. Recently, major oil consuming countries such as India, including the US, Japan and South Korea, announced the release of crude oil from their strategic reserves as part of joint efforts to reduce the international crude oil prices, but these announcements did not work. International prices have also not been affected much.

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