Good News: Petrol-Diesel may be cheaper by Rs 5 in the country, crude oil fell to $ 88 per barrel
Highlights
- Crude oil became cheaper by about 37 percent in 6 months
- Crude reached $139 a barrel on March 8, 2022
- Today Brent crude is trading at $88 per barrel
Good News: In the festive season, soon you can get good news about petrol and diesel. Actually, the price of crude oil in the international market has reached a low of 7 months. Today Brent crude is trading at $88 per barrel. WTI crude has also broken down to around $85. Energy experts are forecasting further fall in crude oil. In such a situation, you can get relief from the government soon on petrol and diesel in the domestic market. Experts say that the price of petrol and diesel can be cut by up to Rs 5 per liter.
Oil rates may come down
Anuj Gupta, Vice President (Commodity & Currency), IIFL Securities told India TV that the price of crude oil continues to fall in the international market. Fears of a global recession have reduced demand. At the same time, it is getting hot all over Europe including America. This has also reduced the demand for oil. In such a situation, Brent crude can reach $ 85 in the coming days. At the same time, WTI can come up to $ 80 per barrel. India will benefit from this. India buys more than 85% of its crude oil from outside. The reduction in crude oil will reduce the cost of petrol and diesel. At this price, petroleum companies have the option of easily deducting Rs.5. The government can give this gift in view of the festive season.
Crude oil became cheaper by about 37% in 6 months
Crude oil has become cheaper by about 37 percent in the last six months. Crude reached $139 a barrel on March 8, 2022. Right now it is trading at $88 per barrel by breaking down. That is, about 37 percent weakness has come in it in 6 months. Many countries of Europe are under pressure on the economy in China. Many cities of China have situations like lockdown due to Kovid 19. In such a situation, bumper demand is not expected from these countries. At the same time, uncertainty remains in many other large economies as well. Due to this, there is a possibility of further fall in the price. Significantly, on 22 May, the Central Government reduced the excise duty on petrol by Rs 8 and on diesel by Rs 6. There has been no change in the prices of petrol and diesel since then.
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