look news india
Petrol and diesel prices: The effect of reduction in crude oil can be seen in the Indian market soon. Oil Secretary Pankaj Jain said that if the price of crude oil remains high for a long time, then oil companies can think about reducing the price of petrol and diesel. His statement has come at a time when the government is trying to increase oil production and buy crude oil from countries selling cheap oil like Russia.
Relief to the countrymen after two years
Companies can reduce prices, the people of the country will get a big relief after about two years. Oil prices were last cut in April 2022. Pankaj Jain, Secretary, Ministry of Petroleum and Natural Gas, said that if the price of crude oil remains low for a long time, then oil companies can consider reducing the price of petrol and diesel.
why are crude oil prices falling
In the last few days, oil prices have come down to a three-year low. This increases the profits of oil companies. The price cut is paving the way for the supply of petrol and diesel at a lower price. Two days ago, on September 10, Brent crude fell below $ 70 a barrel for the first time since December 2021. On Thursday (September 12), the price of Brent crude was seen at $ 71.49 a barrel. The fall in prices has increased the margins of retailers and state-owned oil companies. Government companies have about 90 percent market share.
What happened to the price of crude today
Crude oil rose by Rs 51 to Rs 5709 per barrel in futures trade on Thursday. Crude oil for October delivery on MCX was seen trading with a gain of Rs 51 at Rs 5,709 per barrel in 11,306 lots. Globally, New York crude oil rose 1.26 percent to US $ 68.16 per barrel and Brent crude rose 1.32 percent to US $ 71.54 per barrel.