Price of petrol- New Delhi: The price of gasoline in the country is Rs 100 per liter in most states and in the past diesel prices have gone up so much that everyone from mango to special got pissed off . When it comes to gasoline and diesel, we always hear that the price of crude oil in foreign countries will be low, only then will the way be opened to get cheaper gasoline and diesel in the country. Although the price of crude oil has steadily declined over the past few days, fuel is still not getting cheaper in India. Here we will explain why this happens and what condition must be met in order for the price of gasoline and diesel to be cheap in the future.
(Price of petrol)What are the prices of gasoline and diesel in India
in fact, there has been no change in the price of gasoline and diesel in the country over the past 25 days, although news of Brent crude becoming cheaper continually comes from crude oil exporting countries. In such a situation, when fuel will be cheaper in the country, this question arises. According to the IOCL website, today the price of a liter of gasoline in New Delhi, the country’s capital, is Rs 103.97 and the price of diesel is Rs 86.67.
When and how will fuel prices in the country drop
(Price of petrol)if world crude oil prices stay at a lower level for a few more days, only gasoline and diesel prices in India will fall. Official sources said national retail prices are determined on the basis of a 15-day “sliding” average. In such a situation, the prices will not fall here until after the continued decline in prices globally.
What happens Crude price
Global benchmark Brent crude oil prices in November (through November 25) were roughly between $ 80 and $ 82 per barrel. On the same Friday, the price of crude oil fell again by about $ 4 a barrel. After that, due to the sale of Brent Futures, its price in the London ICE fell by $ 6 and to $ 72.91 per barrel. However, sources said this is expected to decrease due to the fear created by Kovid’s new Omichrome variant.
Why IOCL, BPCL, and HPCL Didn’t Reduce the Price At present
the country’s state-owned oil companies Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation (HPCL) change the prices of gasoline and diesel on a daily basis. Is. But this modification or change is based on the average international benchmark rate over the last fortnight. Thus, on Sunday, the price of gasoline and diesel was fixed on the average of the last 15 days.
Which sources
According to information received, according to another source, rates had fallen until Friday, expecting Gtenge prices for gasoline and diesel at gas pumps. But the retail price is not fixed like that. Since international crude oil prices have remained in a narrow range for most of November, Friday’s drop will not have a significant impact on the average price.
Another source said that “internationally, when prices continue to fall for a few days, only then will gasoline and diesel prices drop here.” Recently, major oil-consuming countries such as India, including the United States, Japan and South Korea, announced the release of crude oil from their strategic reserves as part of joint efforts to reduce oil prices. international crude oil prices, but those announcements did not work. International prices were not affected much either.
