Due to increased production of crude oil, the price of crude oil can come up to $ 65 per barrel in the coming days. If this happens, then its effect can also be seen on the prices of petrol.
Government oil companies release the prices of petrol and diesel every day at 6 am.
The rising inflation of petrol and diesel has kept the government from the general public in worry. In many cities of the country, the price of petrol has crossed Rs 100 per liter. But with OPEC countries increasing crude oil production and falling crude oil prices, it is expected that petrol prices may come down by up to Rs 5 per liter in the coming days. Experts believe that India can also get the benefit of cheap crude oil in the coming days.
Anuj Gupta, Vice President (Commodity and Research), IIFL Securities, says that due to increase in crude oil production, crude oil prices can come down to $ 65 per barrel in the coming days. If this happens, then its effect can also be seen on the prices of petrol and there can be scope for a reduction of 4 to 5 rupees in the prices. However, it has to be seen whether the oil marketing companies give its benefit to the general public or not.
Increasing demand for petrol and diesel
In the first fortnight of July, petrol sales in India crossed the pre-Covid level for the first time since the lockdown in 2020. Petrol consumption has increased as business boomed and travel bans lifted since the lockdown was eased after the second wave of COVID-19. According to the provisional data of state-owned oil companies, in the first fortnight of July, 34 percent more petrol was sold in comparison to the year 2019.
13% increase in sales
This is an increase of 18 per cent compared to the same period last year. Petrol consumption on a monthly basis is 14 per cent higher than in June. However, diesel consumption, an indicator of economic activity, was down about 11 per cent from the same period in 2019. Compared to last year, however, sales are up 13 per cent. There has been a decrease in the sale of diesel on a monthly basis and it is equal to the month of June. The decline in demand from the farm and construction sectors due to monsoon has been attributed to the decline.
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