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Fuel Prices Likely To Come Down Oil Companies Can Take A Big Decision Because Of This

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Business Desk, Amar Ujala, New Delhi

Published by: Deepak Chaturvedi
Updated Mon, 22 Nov 2021 11:02 AM IST

Summary

Oil firms may cut fuel prices: A fall in international oil prices on demand concerns may prompt domestic fuel retailers to cut petrol and diesel rates. This information has been shared by quoting sources in a report.

oil prize
– photo : istock

Due to the resurgence of Kovid-19 cases in Europe, experts say that fuel prices may come down in the coming times. The fall in international oil prices on demand concerns may prompt domestic fuel retailers to cut petrol and diesel rates. This information has been shared by quoting sources in a report.

Big fall in the price of Brent crude
Benchmark Brent crude fell 6.95 per cent to $78.89 a barrel, below $80, after hitting a month-high on Friday. This price of Brent crude is the lowest since October 1. About 10 days ago, its price had reached $ 84.78 per barrel.

Effect of reduction in excise duty in India
Retail prices of petrol and diesel in India, which are directly linked to the daily movement of international benchmarks, have remained stable since November 4. Yes, a day before Diwali, the central government had reduced the central excise duty on petrol and diesel by Rs 5 per liter and Rs 10 respectively.

Petrol and diesel prices stable in Delhi for 18 days
Petrol price in Delhi remained stable for the last 18 days at Rs 103.97 per liter and diesel at Rs 86.67 per liter. According to the report, sources requesting anonymity said that Brent has slipped below $80 a barrel, the lowest since October 1, this is due to lowering of petrol and diesel rates in India. .

India is the third largest oil consumer
Sources said for the first time in several months, international oil prices have fallen due to demand concerns, otherwise producers were keeping oil prices artificially high, ignoring pleas from major consumers like the US and India. . Significantly, India is the third largest consumer of crude oil after the US and China.

Expansion

Due to the resurgence of Kovid-19 cases in Europe, experts say that fuel prices may come down in the coming times. The fall in international oil prices on demand concerns may prompt domestic fuel retailers to cut petrol and diesel rates. This information has been shared by quoting sources in a report.

Big fall in the price of Brent crude

Benchmark Brent crude fell 6.95 per cent to $78.89 a barrel, below $80, after hitting a month-high on Friday. This price of Brent crude is the lowest since October 1. About 10 days ago, its price had reached $ 84.78 per barrel.

Effect of reduction in excise duty in India

Retail prices of petrol and diesel in India, which are directly linked to the daily movement of international benchmarks, have remained stable since November 4. Yes, a day before Diwali, the central government had reduced the central excise duty on petrol and diesel by Rs 5 per liter and Rs 10 respectively.

Petrol and diesel prices stable in Delhi for 18 days

Petrol price in Delhi remained stable for the last 18 days at Rs 103.97 per liter and diesel at Rs 86.67 per liter. According to the report, sources requesting anonymity said that Brent has slipped below $80 a barrel, the lowest since October 1, this is due to lowering of petrol and diesel rates in India. .

India is the third largest oil consumer

Sources said that for the first time in several months, international oil prices have fallen due to demand concerns, otherwise producers were keeping oil prices artificially high, ignoring the pleas of major consumers like the US and India. . Significantly, India is the third largest consumer of crude oil after the US and China.

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