The price of petrol and diesel may fall very soon. In the last two weeks, the price of crude oil has fallen by more than 12 percent. In such a situation, now the oil marketing companies can give its benefit to the retail consumers. The price of petrol and diesel depends on the price of crude oil in the international market. Due to the increase in it, it is being sold beyond 100 rupees in many cities of the country.
For the past three weeks, the price of crude oil is stable. On the other hand, the price of crude oil is falling due to the decrease in demand. Crude oil was down by $ 2.87 (-4.44%) and was trading at $ 61.75 per barrel on Investing.com in the evening at 5.45 pm. On March 8, the price of crude oil reached the level of $ 71.38 in the international market. According to that, it has fallen by 13.50 percent so far. It is being said that the price drop is being seen in Europe and some parts of the world after the new cases of Corona are revealed.
13 percent fall in US oil
At this time, US WTI crude was trading at $ 59.21 per barrel, with a decline of $ 2.35 (-3.82%). On March 8, it reached the level of $ 67.98, the highest level in 52 weeks. Compared to that, it has fallen about 13 percent so far. The rate of petrol and diesel has not changed in the entire country since 27 February.
India is reducing dependence on OPEC
Amidst the arbitrariness of OPEC countries, India has now decided to reduce dependence on OPEC countries gradually. He is now buying more oil from America. Saudi Arabia was the second largest exporter to India, which the US has left behind. The United States is currently the second largest in terms of exports to India.
Fuel demand declines in February
At the same time, the country’s fuel consumption declined for the second consecutive month in February due to petrol and diesel prices reaching record highs. Demand for diesel, the most consumed fuel in the country, fell by 8.5 percent to 65.5 lakh tonnes in February. At the same time, the consumption of petrol has come down by 6.5 percent to 24 lakh tonnes. However, the sale of LPG LPG increased by 7.6 percent. If we look at the demand, according to a report, in 2021, India’s crude oil demand will increase by 13.6 per cent to 49.9 lakh barrels per day.
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