Petrol-Diesel: Crude oil prices continue to fluctuate, Indian companies told when petrol and diesel will become cheaper.

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Petrol-Diesel Price: Crude oil prices continue to fluctuate in the international market. However, for the last 20 months, Indian oil distribution companies have not made any change in the prices of petrol and diesel in the country. Before June 2017, oil prices in the country were revised every 15 days. But now, the prices of petrol and diesel in India are determined according to the global market. Meanwhile, Indian oil distributor companies have made a big announcement. Public sector oil marketing companies will start revising the prices of petrol and diesel on a daily basis only when the crude oil prices in the international market stabilize below US $ 80 per barrel. Industry officials have said this. Three state-owned fuel retailers – Indian Oil Corporation Limited (IOC), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL) have kept petrol and diesel prices stable for the 20th consecutive month. These three oil companies together have about 90 percent market share.

Companies suffered huge losses in the first half

In the first half of the financial year 2022-23, these companies suffered huge losses due to the increase in crude oil prices. However, before this, due to softening of prices, these companies also earned profits. An official said that there is a lot of instability in the international oil market and prices are fluctuating wildly. He said that oil companies can reduce the prices by one rupee per liter at this time and if they do so, everyone will appreciate it. But, there is doubt whether they will be allowed to increase rates when international oil prices rise. Another official said that some days there is profit on diesel, but some days there is loss. There is no fixed trend. The official said that oil marketing companies will start revising prices on a daily basis only when crude oil prices in the international market stabilize below US $ 80 per barrel. There has been no change in the prices of petrol and diesel since April 6 last year.

Crude oil futures prices rise due to increase in spot demand

Crude oil prices rose by Rs 46 to Rs 6,534 per barrel in futures trade on Thursday as traders increased the size of their deals following strong spot demand. On the Multi Commodity Exchange, the contract of crude oil for delivery in December rose by Rs 46 or 0.71 percent to Rs 6,534 per barrel. It was traded for 10.823 lots. Market analysts said crude oil futures prices rose as traders increased the size of their deals. Globally, West Texas Intermediate crude oil rose 0.21 percent to $ 78.02 per barrel, while the price of Brent crude fell 0.77 percent to $ 81.33. Was trading at per barrel.

How to check the fuel rate of your city

BPCL customers to know the fuel rate of their city through message RSP<डीलर कोड> You will have to write and send the message to number 9224992249. To know the price for HPCL customers, HPPRICE <डीलर कोड> Write and send message to 9222201122. Indian Oil Customer RSP<डीलर कोड> You can write and message on number 9224992249.

How are the prices of petrol and diesel decided in India?

Petrol and diesel prices in India are decided by the government and it is a dynamic process that depends on various factors. Here are some of the main factors that influence this process:

• International Market Prices: India does not have a reliable distribution network of petrol and diesel for the users. Therefore, despite the succession of prices of petrol and diesel in the world market, India is finally defined in quantity and distribution.

• Taxes and Duties: Taxes and duties imposed by various states and union territories are included in determining the prices of petrol and diesel. This is usually subject to change based on various updated decisions.

• Contribution of State Governments: State governments can also include their contribution to control the prices of petrol and diesel. They may impose various duties and taxes in their state.

• Demand for Currency and Supply of Petroleum Products: The balance between demand for petroleum products and their supply can also affect prices. If demand for products is high and supply is low, prices may increase. If demand for products is low and supply is high, prices may decrease.

• Export and Import Events: Various export and import events can also affect the prices of petrol and diesel.

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