Petrol will be available only if the current low crude oil prices in the international market continue for a few more days. Diesel The price is likely to fall. Otherwise, prices are less likely to fall as they are now.
Petrol, domestic Diesel The retail price is set by the oil companies on an average basis for the last 15 days in the international market. However, crude oil prices have not declined in the last 15 days. That means crude oil is selling at $ 80 to $ 82 a barrel until November 25.
Crude oil prices have fallen by $ 4 a barrel since last Friday. Brent crude also fell $ 6 to $ 72.91 a barrel in the US market. Therefore, the fall in crude oil prices in the international market should continue for a few more days.
Fear of a transformation of the corona virus found in South Africa has led to a sharp drop in crude oil prices. The corona has caused fears that the first wave could affect economic growth or reduce demand.
Oil companies in India, such as Bharat Petroleum, Indian Oil and Hindustan Petroleum, set prices in the international market based on average prices over the past 15 days.
However, as crude oil prices have started falling in the last four days out of the last 15 days, Diesel There will be no reduction in price. But if this fall in crude oil prices continues for another week or 10 days, petrol, in the coming weeks, Diesel Prices are likely to fall.
The United States, Japan, South Korea and India, which use crude oil extensively, have begun to withdraw oil from their reserves in order to reduce crude oil prices in the international market.
The Federation of Crude Oil Producing Countries is scheduled to hold a consultative meeting on December 1 and 2. If the meeting decides to reduce crude oil production, prices will rise again.
Petrol in India, Diesel The excise duty on goods was reduced to Rs. 5 and Rs. 10 respectively by the Central Government on the 5th. Then petrol, Diesel It is noteworthy that there was no change in price.