The biggest good news; Petrol and diesel prices will be low again! This is happening for the first time in four years

Petrol-diesel prices: India’s average import price of crude oil has come down to $ 70 per barrel for the first time since August 2021. With this, Brent crude (international benchmark) also fell below $ 65 on Monday. This has increased the hope of decreasing the prices of petrol and diesel, which can provide relief to consumers and also benefit India’s economy, as the country imports 87% of its needs.

According to the report, India’s average import price of crude oil on Friday was $ 69.39 per barrel, which is 22 percent lower than April ($ 98.44). Experts say that the demand for crude oil may fall further due to the possibility of global trade war and recession, causing further prices to fall down. Goldman Sachs has estimated that by 2025 the average price of Brent crude may reach $ 63 per barrel. OPEC has also reduced its forecast for rising oil demand.

Crude oil falling price
The government also benefited from. In April, excise duty on petrol and diesel was increased by Rs 2 per liter to subsidize LPG cylinders. This made an additional benefit of about Rs 32,000 crore to the government. Petroleum Minister Hardeep Puri had said that when the shares of oil companies reach the level of $ 60-65 per barrel, there will be scope to reduce the prices of petrol and diesel.

When will relief in the prices of petrol and diesel be given?
Petrol and diesel prices were reduced by ₹ 2 per liter in March 2024, at that time crude oil prices were $ 84.49 per barrel. It has now fallen by 17.87% to $ 69.39.

Companies are earning a profit of Rs 10-12 per liter.
According to experts, oil companies (OMCs) are currently earning a profit of Rs 10-12 per liter on petrol and diesel, but retail prices have not been reduced according to international prices.

The base price was reduced, but consumers did not get the benefit.
On 8 April, the IOC reduced the base price of petrol from ₹ 54.84 to ₹ 52.84, but the government took advantage of an increase of ₹ 2 in excise duty. Therefore, petrol in Delhi remained at Rs 94.77 and diesel at Rs 87.67 per liter.