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Crude oil at a low of seven months, yet petrol-diesel prices have not changed since 158 days, the Petroleum Minister gave this answer

Photo:FILE Crude oil

Highlights

  • Crude oil reached $ 116.01 per barrel in June
  • Imported crude oil was sitting at $ 88 per barrel in September
  • No change in petrol and diesel prices since record 158 days

Crude Oil Prices of petrol and diesel have fallen to a seven-month low in the international market, but the retail selling price of petrol and diesel in India has remained unchanged for a record 158 days. International benchmark Brent crude fell below $90 a barrel last week for the first time since early February amid fears of a recession. Since then it is trading with some correction at $ 92.84 a barrel, which is a six-month low. The fall in prices came despite Russia’s move to shut down the North Stream pipeline and cut output by the Organization of the Crude Oil Producing Countries (OPEC+) and its allies (OPEC+).

Companies making up for the loss: Puri

However, this has not changed the retail prices of petrol and diesel in India. Petrol and diesel prices have not changed (freeze) for a record 158 days. On the question of non-change in petroleum prices, Petroleum Minister Hardeep Singh Puri, in response to questions from reporters on Friday, said that the loss suffered by the public sector companies due to non-increasing prices due to the rise in international prices will be compensated. Because of this, now these companies are not reducing the prices. “When international prices were high, our (petrol and diesel) prices were already low. “Have we made up for all our losses?” He, however, did not elaborate on the loss caused by keeping rates stable from April 6.

India importing crude oil at $88 per barrel

The price of crude oil imported by India was sitting at $ 88 per barrel on September 8. It averaged $102.97 billion a barrel in April and $109.51 a barrel in the month after. In June, it had reached $ 116.01 a barrel. From July, international prices started declining. At that time the average price of crude oil imported by India came to $105.49 per barrel. It is at $ 97.40 a barrel in August and $ 92.87 a barrel in September so far.

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Shivam Bangwal

Shivam Bangwal is an Indian based entrepreneur who is a tech, travel and coding enthusiast with a post graduation degree on Master's of Computer Applications. He is a founder of Youthistaan, People News Chronicle, Hitchhike TV, Branding Panther and many more.
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