russian crude oil, India is buying record cheap oil, companies are getting bumper profits, then why petrol and diesel prices are not reducing – russian crude oil why is petrol and diesel prices not being reduced
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Through this, India’s oil refineries are expected to make bumper profits. India is buying cheap crude oil from Russia and selling it in the European market. However, even after this, the oil companies in the country have not yet reduced the prices of Petrol-Diesel. Will the oil prices (Petrol-Diesel Prices) be reduced in the coming time? Why the companies have not reduced the oil rates? Let us understand the whole story of this oil.
Why are oil companies not reducing rates
There has been no change in the prices of petrol and diesel in the country for the last several months. Oil prices remain stable in the market. It has been almost 345 days since the prices of petrol and diesel have not changed. According to a report, oil companies are making a profit of more than Rs 10 per litre. India may be buying cheap crude oil from Russia, but the retail prices of petrol and diesel have not come down. A reason is being given for not reducing oil prices. In fact, in March 2022, when the price of crude oil was the highest at $ 140 per barrel. Companies used to lose a record Rs 17.4 on one liter of petrol and Rs 27.7 on diesel. The price of petrol and diesel was not increased then. Presently the same deficit is being compensated.
damage done
The companies had reported a loss of Rs 21,201 crore between April and September 2022. According to a report, the oil companies had recovered this loss by December 2022. In December 2022, Indian oil companies bought the most crude oil from Russia. Earlier in October and November also, maximum oil came to India from Russia. In December, India bought an average of 11 lakh 90 thousand barrels of crude oil from Russia every day. A year before this, in December 2021, India used to buy only 36,255 barrels of oil per day from Russia.
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India buying record cheap crude oil
According to a report, Indian oil refineries have captured the big market of Europe. Russian oil imports have registered an increase for the 7th consecutive month in March. India is currently buying maximum crude oil from Russia. According to Kpler, a firm that monitors shipping data, jet fuel and diesel were exported from India to European countries at the rate of 154,000 barrels per day before the Russia-Ukraine war. Now it has increased to 200,000 barrels per day.
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