Good news..!! Petrol and diesel prices will decrease...!?
Good news..!! petrol and diesel prices will decrease...!?
Rating agency Icra has said that there is a possibility of a decrease in the price of petrol and diesel by Rs 2 to Rs 3 per liter due to the recent fall in the price of crude oil. Crude oil prices in india averaged US$74 per barrel in September. It has been at USD 84 per barrel since last March. It is now less than 10 dollars. Why are we referring to the price situation in march when the price of petrol and diesel in india was reduced by Rs 2 per liter? It is said that the price of 1 liter of petrol and diesel is likely to decrease as the price of crude oil has decreased to USD 74 per barrel. With crude oil prices as low as they are now, petrol and diesel outlets are likely to reduce their prices by two to three rupees per liter, ICRA said.
So india is an important market for oil companies. In this case, the use of petrol and petroleum products in india has increased up to 5 percent in the last one year and it is said that it will increase up to 4 percent in the next year. Within the next 4 years, domestic oil refining capacity in india is projected to increase to 306 million tonnes. At present, it stands at 256.8 million tonnes.
Rating agency Icra has said that there is a possibility of a decrease in the price of petrol and diesel by Rs 2 to Rs 3 per liter due to the recent fall in the price of crude oil. Crude oil prices in india averaged US$74 per barrel in September. It has been at USD 84 per barrel since last March. It is now less than 10 dollars. Why are we referring to the price situation in march when the price of petrol and diesel in india was reduced by Rs 2 per liter? It is said that the price of 1 liter of petrol and diesel is likely to decrease as the price of crude oil has decreased to USD 74 per barrel. With crude oil prices as low as they are now, petrol and diesel outlets are likely to reduce their prices by two to three rupees per liter, ICRA said.
So india is an important market for oil companies. In this case, the use of petrol and petroleum products in india has increased up to 5 percent in the last one year and it is said that it will increase up to 4 percent in the next year. Within the next 4 years, domestic oil refining capacity in india is projected to increase to 306 million tonnes. At present, it stands at 256.8 million tonnes.