Crude oil prices are once again witnessing a sharp decline in the international market, due to which the market has become increasingly volatile. Crude oil has now fallen to close to $100 per barrel, while the rate of Brent crude futures has also registered a slowdown of about 1 percent, after which its price is trading around $103 per barrel. After the softening of price of crude oil, it is natural that the question arises in the minds of common people whether the common consumers of the country will benefit from it and will the prices of petrol and diesel become cheaper?
Is there any change in the prices of petrol and diesel?
Even though the prices of crude oil may continue to fluctuate, today on Saturday, September 19, there has been no change in the prices of petrol and diesel by the government oil marketing companies (OMCs) of the country. According to the new rates released by the country's major oil companies like Indian Oil (IOC), Bharat Petroleum (BPCL) and HPCL, fuel prices have remained stable at their old levels. Let us tell you that fuel prices in different metros of the country are still running as per the old data, in which petrol is around Rs 102.11 in New Delhi and Rs 115.49 in Thiruvananthapuram.
Prices were increased in May this year, have remained stable since then
If we look at the history of the last few months, in the month of May this year, after a long gap of almost 4 years, the oil companies had increased the prices of petrol and diesel. The phase of price increase was first started by oil marketing companies on May 15. After this, the prices were revised and increased three more times, as a result of which the rates of petrol and diesel at the domestic level directly became costlier by Rs 7.5 per liter. It is noteworthy that just before this, fuel prices were changed in the year 2022, and since May, the prices have remained stable.
Will prices increase again in the festive season or will there be relief?
In the meantime, when the price of crude oil in the international market had risen again to close to $ 110 per barrel, the oil companies had to face huge financial losses. According to industry reports, during that time companies were facing losses of around Rs 5 per liter on petrol and Rs 23 per liter on diesel. Now it will be very interesting to see whether there is any relief in the prices of petrol and diesel during the coming festive season or whether the consumers have to face another shock of inflation.