Huge fall in crude oil prices: Will petrol and diesel become cheaper in the country now? Know what is complete mathematics

There is a news from the international market which can directly give great relief to your pocket. There has been a sudden big fall in the prices of crude oil in the global market. Crude oil, which was trading above $82 per barrel on Monday, suddenly fell to $77 by the time the market closed. Within the last 24 hours, oil prices in the international market have decreased by about 5 percent. After this big decline, now the discussion has intensified across the country whether the prices of petrol and diesel are going to reduce in the Indian market?

In fact, fuel prices in the country have remained completely stable for the last one month. In such a situation, this decline in the global market is being seen as a ray of hope for the common consumers. If this trend continues for a few more days, oil companies can give great news to the general public.

Why did crude oil prices suddenly fall?

There is no single reason behind this big decline in the global market, rather some positive changes on the geopolitical front are responsible for it. The biggest and main reason for this decline is being considered to be an important meeting between America and Iran. According to the news coming from diplomatic circles, America has given a big relief of two months regarding the sale of Iranian oil. After this decision, the expectation of increase in oil supply in the market has increased.

Apart from this, there has also been a significant improvement in the movement of crude tankers through the Strait of Hormuz, due to which the supply chain crisis that has been persisting for some time now seems to be going away. At the same time, Iraq has also started working on a plan to restore its oil production. All these factors together have completely eliminated the concerns regarding supply at the global level, which had a direct impact on the prices.

What will be its impact on the Indian market and your pocket?

Now the biggest question is that when and how will the common man of India get the benefit of the fall in crude oil prices in the international market? Union Petroleum Minister Hardeep Singh Puri had earlier also given some indications in this matter. According to his statements, when cheap crude oil starts reaching Indian refineries, companies can transfer its benefits directly to common consumers.

As of now, there has been no change in the prices of petrol and diesel in the country for the last 29 days. The old prices are still applicable in major metros of the country:

• Delhi: Petrol Rs 102.12 and diesel Rs 95.20 per liter
• Mumbai: Petrol Rs 111.21 and diesel Rs 97.83 per liter
• Kolkata: Petrol Rs 113.51 and diesel Rs 99.82 per liter
• Chennai: Petrol Rs 107.77 and diesel Rs 99.55 per liter

Will the ‘freeze button’ on prices be removed? JP Morgan’s big claim

The recent report of global brokerage firm JP Morgan is also indicating that there is full scope for reduction in fuel prices in the coming days. According to the report, the profit margin of Indian oil companies has now improved significantly. The margins of companies have now reached a better level than before the Russia-Ukraine war.

Market experts say that if this phase of decline in crude oil continues for some more time, then oil companies may remove the ‘freeze button’ on prices. This means that the prices of petrol and diesel, which have been stable for a long time, may come down. However, amidst this relief, the general public may have to wait a little on the LPG front, because oil companies are still facing huge losses in the case of domestic gas. In such a situation, the entire focus is going to be on the prices of petrol and diesel.