By Admin 
Crude Oil Price Drop: A big decline is being seen in the prices of crude oil in the international market. Recently, after the Iran-America war, the Hormuz crisis arose and due to this the price of crude oil had skyrocketed. The price had exceeded $120 per barrel. During this period, oil companies had increased the prices of petrol and diesel in India.
However, now after the Iran-America deal, the Hormuz crisis has been averted. Now the movement of gas and oil ships has started from Hormuz. That means the supply of crude oil has now become much better than before. In such a situation, after the situation improved, the prices of crude oil in the international market have come down to about $ 76 per barrel. After this fall in the prices of crude oil, people’s eyes are fixed on the prices of petrol and diesel.
Why are oil prices falling?
The biggest reason behind falling crude oil prices is the reduction in tension at the global level. Along with this, one reason is the end of the worry regarding supply. During the Iran-America dispute, there was a lot of fear that the oil supply would be affected due to the Hormuz crisis, due to which there was a sharp rise in the prices of crude oil. Now after the situation has improved, confidence regarding supply has increased in the market. Due to the balance between demand and availability, crude oil prices have started coming down.
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Will the prices of petrol and diesel reduce immediately?
After crude oil becoming cheaper, now people are hopeful that soon the oil companies will also cut the prices of petrol and diesel. However, the impact of falling oil prices in the international market is not directly visible on petrol pumps, rather it may take some time.
Oil companies change these prices keeping in mind the price of crude oil as well as the position of the rupee against the dollar and other expenses. In such a situation, if the price of crude oil remains low in the coming days, then we may see a decline in the prices of petrol and diesel.
What did the government say regarding the prices of petrol and diesel?
A few days ago, Petroleum Minister Hardeep Singh Puri had said that oil companies still have stock of expensive crude oil. As soon as the stock of low priced crude oil is processed, the retail prices of oil can be cut.
Hormuz removed the tension!
Let us tell you that with the opening of Hormuz, there has been relief in oil supply. If the prices of petrol and diesel decrease in the coming time, then the common people will get a big relief from inflation, because due to the cost of petrol and diesel, the prices of freight also increase, which has a direct impact on the pockets of the common citizens. As freight traffic increases, prices of everyday items also start increasing.
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