Will there be good news on petrol-diesel after home loan, oil companies indicated
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Petrol-diesel rates have not decreased since 13 months
Crude oil prices continue to fall in the international market. Even today, the price of WTI crude oil has fallen by $ 0.04 to reach Rs 72.49. At the same time, the price of Brent crude oil fell to $ 76.87 per barrack. Even after the fall in the price of crude oil, there has been no change in the prices of petrol and diesel for the last 13 months. Petrol price was last cut on 22 May 2022. Since then its price has remained stable. Petrol has reached close to Rs 100 per liter in most parts of the country. Talking about the capital Delhi, petrol is being sold here at Rs 96.72 and diesel at Rs 89.62. People facing the brunt of inflation are expected to get relief soon. Oil companies may cut the price of petrol and diesel in the coming days.
Petrol-diesel can be cheaper
In the coming days, there may be a reduction in the prices of petrol and diesel. Public Sector Oil Marketing Companies (OMCs) may reduce the rates of petrol and diesel in the coming days. According to the report of Live Mint, oil companies can cut the price of petrol and diesel. According to the report, the losses of the oil companies have been recovered and these companies have now reached the earlier position. Oil companies that have recovered from losses can give relief to the common people by cutting the price of petrol and diesel. According to the report, if the oil marketing companies see a strong financial performance in one more quarter, then they can cut the prices of petrol and diesel. Although oil companies have made good profits in the March quarter. Discussion on this has started after the Q4 figures of the oil companies.
Compensating the loss of oil companies
If we talk about Indian Oil Corp, the country’s largest oil company, then its consolidated net profit has seen a jump of 52 per cent. The company posted a net profit of Rs 10,841 crore in the March quarter. In the January to March quarter last year, the company achieved a net profit of Rs 7,089 crore. Similarly, Hindustan Petroleum Corporation achieved 79 per cent net profit in the March quarter. In such a situation, if the profit of oil companies remains intact in one more quarter, then it can give relief to the general public by cutting the price of petrol and diesel. Significantly, in the last few years, due to reasons like high crude price, Russia-Ukraine war, oil marketing companies had suffered a lot, but now it has been compensated. Soon its relief can reach you.
Effect of softening in crude oil
Crude oil has been softening for the past few months and due to the reduction in the price, the oil marketing companies may have scope to reduce the price. This has been the reason why oil companies have performed well in this quarter. The decreasing price of crude oil and sufficient oil supply available in the market can become a major reason for the reduction in the price of petrol and diesel. Even if any member of the Organization of Petroleum Exporting Countries cuts oil supply, there will be no hindrance in the supply chain. In fact, globally countries have joined in such a way that in case of supply cuts, the option of alternative markets becomes available, due to which the market is not affected.
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