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Petrol Diesel prices: International crude oil prices fell to a three-year low before improving marginally. But a reduction in petrol and diesel prices at the domestic level is possible only if crude oil remains at a lower level. Industry sources and officials said this on Thursday. Global oil benchmark Brent crude futures fell below $ 70 a barrel on Tuesday. This happened for the first time since December 2021. But crude oil climbed again after Hurricane Francine affected crude oil supplies in the Gulf of Mexico. On Thursday, Brent crude remained above $ 71 a barrel, while West Texas Intermediate rose to close to $ 68.
Petrol and diesel prices may decrease
Officials said if the downward trend in international crude oil prices continues, petrol and diesel prices will be revised. Petrol and diesel prices have remained stable for over two years now except for the pre-election cut earlier this year. Petroleum Secretary Pankaj Jain told reporters at an event that if international oil prices continue to fall, petroleum companies will take appropriate decisions on reducing fuel prices.
Oil companies are earning good profits
Industry sources said the three public sector fuel retailers are making good profits on petrol and diesel, but they want to ensure a corrective price trend before deciding on a price cut. “Petroleum marketing companies do not want a situation where they cut prices and international prices rise,” an official said. Brokerage firm Emkay Global Financial Services expects Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) to cut petrol and diesel prices ahead of the Maharashtra assembly elections.
Prices may fall around Diwali
MK Global said, “The model code of conduct is in force in Jammu and Kashmir and Haryana for a month. In such a situation, we expect a reduction around Diwali and before the model code of conduct for Maharashtra elections. There may be a reduction of Rs 2 per liter on petrol and diesel.” India imports 85 percent of its petroleum needs and its fuel pricing is based on international rates. Petroleum marketing companies have not revised prices in line with costs since the end of 2021 despite having pricing freedom. They cut prices by Rs 2 per liter just before the general elections and then froze the rates. In the national capital, the price of petrol is Rs 94.72 per liter while diesel is priced at Rs 87.62 per liter.
