For most of the past one month, Brent has remained below the $100 per barrel level. During this, only 4 sessions were there when the closing price of Brent went above $100.
When will petrol and diesel be cheaper?
There has been a softening in crude oil prices and once again Brent Crude Russia Ukraine has come down to the level before the crisis. Currently, Brent crude is trading below the level of $ 95 per barrel. With the fall in crude oil prices, there was hope that soon the prices of petrol and diesel could be cut. However, the government has made it clear that at present, the benefit of the fall in oil prices will be used to make up for the loss of oil companies. That is, it is clear that at present the prices of petrol and diesel will not soften and customers will have to wait longer for relief.
What is the statement of the oil minister
Petroleum and Natural Gas Minister Hardeep Singh Puri said in response to a question that the oil companies need time now to make up for their losses. Only after that a decision can be taken on the reduction in the prices of petrol and diesel. Oil companies review petrol and diesel prices on a daily basis on the basis of average purchase price of crude oil prices in 15 days. However, there has been no change in the prices of petrol and diesel for the last 137 days. Oil companies had informed last month that due to high crude and stable oil prices, they have incurred a loss of Rs 18,000 crore on retail sale of oil. On the current fall in oil, companies are trying to make up for this loss.
Crude oil rises again
On Friday, once again there has been an increase in crude oil. Brent crude has once again crossed $ 90 per barrel. During the day, it has seen an increase of more than 4 percent. However, for most of the past one month, Brent has remained below the level of $100 per barrel. During this, only 4 sessions were there when the closing price of Brent went above $100. In such a situation, there is a possibility that the losses of the oil companies may have reduced somewhat. At present, the effect of recession fears on oil is being seen. However, at the same time, oil companies are also eyeing the OPEC meeting because OPEC has already indicated that if demand falls, it will review production ahead of time.
: Language Inputs