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Petrol-Diesel Price: Soon there can be a reduction in the prices of petrol and diesel in the country. Government Oil Marketing Companies (OMCs) are likely to reduce fuel prices soon. The government also hopes that it can give the benefit of reduction in crude oil to the common people soon by reducing the prices of petrol and diesel.
The refiners had made losses at the beginning of the last financial year. However, after the losses suffered by the oil companies in the last two quarters, there was some profit in the third quarter and during the last quarter i.e. March 2023 quarter, the oil companies had registered sharp profits.
Why can the prices of petrol and diesel change?
Officials of the Ministry of Petroleum say that in view of the reduction in the price of crude oil, OMCS will continue to make good profits now and in the next quarter. In such a situation, it is believed that there may be a change in the price of petrol and diesel. On the other hand, January was at the level of $ 80 during March 2023, which came down to below $ 75 per barrel in May 2023. At the same time, the price of Indian crude oil in June 2022 was at $ 116 per barrel. This means that if the advantage of crude oil shortage is given then there can be a big reduction in fuel prices.
Fuel rates haven’t changed since April
There has been no change in fuel rates since April 2022 despite wide fluctuations in crude oil prices. This decision was taken to save the government oil companies from loss and to give relief to the customers from inflation, during that time the prices of crude oil were high. Now the price of crude oil has come down, in such a situation the government is considering reducing the price of fuel.
How much can the prices of petrol and diesel decrease?
ICRA vice-president and co-head Prashant Vashisht said that fuel prices are likely to be cut for the time being, as there is good marketing margin due to fall in crude oil and reduction in crack spread of both MS and HSD. He said that there is a possibility of a cut of at least Rs 2-3 per liter in diesel and Rs 5-6 per liter in petrol.
Import of oil from Russia increased
OMCs have cut down their cost more by importing Russian oil. The share in total crude oil imports from India has increased by more than 40 percent. During June 2022, IOCL estimated selling at a loss of Rs 16 for petrol and Rs 23 for diesel per litre. Whereas in May last month, the refiner is expected to make a profit of Rs 13 on petrol and Rs 12 on diesel.
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