Due to the fall in the price of crude oil, the prices of petrol and diesel in the country can be reduced by about Rs 14. Crude oil prices in the international market have been running at a low level since January. It has now come down from $81. U.S. crude is close to $74 a barrel.
The average crude oil price for Indian refiners has come down to USD 82 per barrel due to a major fall in crude oil prices. In March, it was $ 112.8. Accordingly, crude oil prices for refining companies have come down by $ 31 (27%) in 8 months.
According to SMC Global, the country’s oil companies save 45 paise per liter on refining when crude falls by $ 1. Accordingly, the price of petrol and diesel should be reduced by Rs 14 per liter. However, experts believe that the entire cut will not happen at once.
According to the prices of petrol and diesel in the country at present, the Indian basket of crude oil should be around $ 85 per barrel, but it has come around $ 82. At this price, oil marketing companies will save about Rs 245 per barrel i.e. 159 liters of refining. In such a situation, it is being speculated that oil prices may decrease.
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