When will we get cheap petrol and diesel? Crude oil at two month high - Newztezz Online

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Sunday, January 28, 2024

When will we get cheap petrol and diesel? Crude oil at two month high

Oil marketing companies are continuously making profits. According to the report, companies are getting a profit of Rs 11 per liter on petrol and Rs 6 per liter on diesel. It is estimated that after the third quarter results, the profit of oil marketing companies can reach Rs 75 thousand crores.

Crude oil prices in the international market are at a two-month high. The prices of Brent crude oil of Gulf countries and American oil WTI have increased. An increase of more than 6 percent has been seen in the last one week. However, crude oil prices still remain below $85 per barrel. According to experts, the price of crude oil is not going to exceed $ 85 per barrel in the coming days. In such a situation, there should be no problem in reducing the prices of petrol and diesel in India.

However, common people still cannot get the benefit of cheap crude oil prices. Oil marketing companies are continuously making profits. According to the report, companies are getting a profit of Rs 11 per liter on petrol and Rs 6 per liter on diesel. It is estimated that after the third quarter results, the profit of oil marketing companies can reach Rs 75 thousand crores. Due to which, speculations are being made that common people can be given relief on petrol and diesel in the month of February.

price of crude oil

Brent crude futures closed up $1.12, or 1.4 percent, at $83.55 a barrel, the highest since Nov. 30. US West Texas Intermediate crude (WTI) rose 65 cents, or 0.8 per cent, to $78.01, its highest level since November. Both have seen an increase of more than 6 percent in the last one week. Which is the largest weekly increase since the week ending October 13, after the start of the Israel-Hamas conflict in Gaza. If we talk about Multi Commodity Exchange, crude oil futures ending on February 16 increased by 0.08 percent and closed at Rs 6,386 per barrel, which was swinging between Rs 6,208 and Rs 6,391 per barrel during the previous session.

Petrol and diesel prices are frozen

On the other hand, there has been no change in the prices of petrol and diesel in India. The last change in the prices of petrol and diesel in the metropolitan cities of the country was seen on May 21, 2022. At that time, the country's Finance Minister Nirmala Sitharaman had reduced the tax on the price of petrol and diesel. After that some states tried to influence prices by reducing or increasing VAT. The interesting thing is that ever since the prices of petrol and diesel started changing daily in the country as per the international market, this is the first time that petroleum companies have not made any changes during the record timeline.

Price of petrol and diesel in major cities of the country

New Delhi: Petrol rate: Rs 96.72 per liter, Diesel rate: Rs 89.62 per liter

Kolkata: Petrol rate: Rs 106.03 per liter, Diesel rate: Rs 92.76 per liter

Mumbai: Petrol rate: Rs 106.31 per liter, Diesel rate: Rs 94.27 per liter

Chennai: Petrol rate: Rs 102.63 per liter, Diesel rate: Rs 94.24 per liter

Bengaluru: Petrol rate: Rs 101.94 per liter, Diesel rate: Rs 87.89 per liter

Chandigarh: Petrol rate: Rs 96.20 per liter, Diesel rate: Rs 84.26 per liter

Gurugram: Petrol rate: Rs 97.18 per liter, Diesel rate: Rs 90.05 per liter

Lucknow: Petrol rate: Rs 96.57 per liter, Diesel rate: Rs 89.76 per liter

Noida: Petrol rate: Rs 96.79 per liter, Diesel rate: Rs 89.96 per liter

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