Petrol and Diesel are expected to be a little cheaper after the reduction in crude oil prices globally. According to the sources, there are 1% drop in crude oil. While Brent crude prices also fall by $1. There are several reasons behind the decrease in oil prices. It not only increased the margins of the Oil Marketing Companies but also helped them grow their business. Thus, the discussions point out that this benefit might get transferred to the consumers a little leading to reduced petrol and disease prices.
Why Petrol And Diesel Prices Are Falling?
Petrol and Diesel prices may fall soon ahead of reduced crude prices. It is currently at its lowest in the past 9-10 months. Discussions are going on about decreasing the oil prices. Apart from that, Assembly elections are also going to take place in Haryana and Maharashtra. Thus, the government may lower the oil prices in these states before the elections. Organisation of the Petroleum Exporting Countries (OPEC) was about to increase production in October. However, it now delayed production.
Libyan Oil which is the largest oil company in Libya also came back to normal operations. Thus, the crude oil prices lower by 1% to prices below $70 per barrel. On the other hand, Brent Crude prices also fall by 1 dollar. The data shows the recent Brent oil prices as $72.5 per barrel. Goldman Sachs also projected the oil prices in the coming term. According to their data, they expect the prices between $70 to $85 per barrel. The lower crude oil prices may benefit the consumers shortly. However, the prices can be steady later onwards.
Oil prices were last reduced by Rs. 2 in March 2024. If the prices fall further, it will help the consumers economically. It will promote savings on a macro level. The government is under discussion to lower the prices making the public happy with the decision as it is a big relief for them. In conclusion, the government is in discussion to reduce the prices of petrol and diesel.
Transportation has become a necessity of our fast-moving daily life. No one prefers to walk or cycle to their destination whether it is to take transportation for work, travel, or any other reason. Thus, it will be helpful for the people working at all levels. The prices may increase in future. However, the market is now feeling relieved from oil inflation. Stay tuned for more information on our website.