Crude Oil Prices Reduced In The International Market
Crude oil prices are reduced in the international market, know when the common man will get cheaper petrol-diesel.
The government and domestic oil companies could not get better news than this from the international market.
For the first time after about three and a half months, there has been a softening trend in the crude oil prices in the international market.
In the last four days, the price of expensive crude has come down from $ 119 per barrel to below $ 113.
In the market, crude deals for the month of July are running at $ 109 per barrel, which is a sign that it will decrease further. But there is no scope to benefit the general public from this shortcoming.
If this period of shortage continues and crude remains below $100 a barrel for at least three to five weeks.
Then the country’s oil companies will be in a position to give some relief to the current retail price of petrol and diesel.
Brent crude, which shows the benchmark of the global crude market, was priced at $ 112.99 per barrel on Monday. The price was $119.16 last Friday and $123.15 a barrel last Monday.
In this way, the decline in a week is more than 7 percent. This fall is being cited as the reason for Monday’s rally in the Indian stock market.
A strong global recession is being cited as a major reason for the fall in crude prices.
Especially the way America’s central bank has decided to increase the interest rate by 0.75 percent in one stroke, the possibility of a decrease in demand has started to be expressed.
This may also affect the demand for crude.
Officials of state-owned petroleum companies say that there will be no change in the prices of petroleum products in the country based on the fall of just two-four days.
The general public will get relief only if crude prices remain below $100 for a long time.
Despite the central government cutting excise duty on petrol and diesel in May 2022, oil companies say they are selling petrol by Rs 9 per liter less and diesel by Rs 15 per liter less than the cost.
This gap will be bridged only if crude prices come down further. A ray of hope is visible in the futures trading of crude for July.
On the world’s major crude exchange, the price of crude for July was recorded at $ 109 per barrel.
The International Energy Agency (IEA) has warned that the current price of energy products cannot be maintained at higher levels given the global demand situation.
The mood of the crude market in the coming weeks and months will be determined a lot by the supply.
It remains to be seen to what extent Russia is successful in increasing crude oil and gas production and supplying it.
In the domestic market, there has been no change in the retail prices of petroleum products since May 22, 2022.
Then due to the reduction in excise duty, the price of petrol in Delhi was reduced from Rs 105.41 to Rs 96.72 per liter and diesel to Rs 89.62 per liter from Rs 96.67 per liter in a day.
