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New Delhi: With the increased prices of petrol and diesel, the hope of getting another big stay for the common people has increased. Petrol and diesel prices may come down by up to Rs 5 per liter in the coming days. Energy experts have made these estimates after a big fall in the price of crude oil due to the global condition. New rates for commercial and domestic cylinders are issued on the 1st of every month. This time in the review to be held on December 1, there is every possibility that the cylinders will decrease. This is because the prices in the international market have come down.
Anuj Gupta, Vice President (Currency and Energy Research), IIFL Securities said that the whole world is taking precautions due to the news of the new variant of the corona virus Omicron being more contagious than Delta. Due to this, countries around the world are once again resorting to lockdown including a ban on air travel. Due to this, the price of crude oil fell by about 12 percent in a day to $ 72 per barrel on Friday.
If the threat from Omicron increases in the coming days, then countries around the world will increase strictness. This will work to reduce the demand for crude oil. At the same time, after the global pressure, a decision on increasing crude oil production can be taken in the meeting of OPEC countries to be held on December 2. Due to increase in supply of such crude oil and decrease in demand, the price is bound to come down. Even if crude oil remains around $72, then the price of petrol and diesel in the Indian market will be reduced by five rupees.
Energy expert Narendra Taneja told Hindustan that the price of crude oil in the international market has come down by 10 percent. However, such a decrease is not expected in the domestic market. Despite this, companies can reduce the price of petrol and diesel by five to seven percent on completion of the cycle of the coming 15 days. In such a situation, if there is a shortage of five percent and petrol in Delhi is Rs 103.97 per liter, then there will be a shortfall of five rupees easily.
Crude oil experts said retail prices at the domestic level are determined on the basis of a 15-day ‘rolling’ average. That is, after buying crude oil, it takes about 15 days to get cleaned in the refinery and come to the market in the form of petrol and diesel. In such a situation, the benefit of the fall in international prices will be available only after the next few days. At the same time, recently major oil consuming countries such as India, including the US, Japan and South Korea, announced the release of crude oil from their strategic reserves in a joint effort to reduce the international crude oil prices. Even this has not had an effect yet. Relief can be expected in the future.
