Crude prices at record lows; Shouldn’t the price of fuel go down? – Crude Oil Price | Business | Fuel Prices in India

Kochi: With the price of crude oil falling to 87 dollars per barrel in the international market, there is concern whether fuel prices will decrease in the country. According to the international oil price, the promise that the fuel price will decrease in the domestic market is not fulfilled. Crude price has been at the rate of 86-88 dollars for more than a week. And less than a hundred dollars for more than a month. When the price of crude oil was above 100 dollars, the public sector oil companies are using this as an opportunity to recover the losses due to the non-increase in fuel prices in the country.

Therefore, the central government is not interested in reducing fuel prices immediately. At the same time, there is a growing demand to reduce fuel prices to control inflation. According to government data, the average price of crude oil purchased by India was $105 in July. 97 dollars in August. In the absence of an increase in fuel prices, all major public sector oil companies in the country have reported a loss of around 18,480 crore rupees in the June quarter.

Last month, when crude prices fell to $94, companies lost losses on petrol and losses on diesel fell to Rs 5 per litre. Crude prices have now hit a 9-month low. In the wake of the war, when the European Union and the United States avoided Russian crude, India bought crude from Russia at a very low price.

English Summary: Oil prices at 9 month low but no change in petrol, diesel prices in India

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