By Admin 
Crude Oil: Today the prices of crude oil have fallen in the international markets. Brent crude has fallen by more than 1% to the level of $ 72.40 per barrel. At the same time, WTI crude has become cheaper by 0.83% and has now reached $ 70.16 per barrel.
The risk of supply through the Strait of Hormuz has been averted due to the news of progress in the ongoing peace talks between America and Iran in Doha. Due to this, the prices of crude oil have come down today. However, despite crude oil being cheap, fuel prices in the country are still stable. In metros like Delhi, Mumbai, Kolkata, Chennai, petrol prices are still being sold above the level of Rs 100 per liter. The price of diesel is also in the range of Rs 95 to Rs 99 per liter.
companies making profits
Government oil companies (OMCs), which were facing losses during the US-Iran tension and global uncertainty, have now started earning profits. With crude oil prices falling to $72.40 per barrel, they are making a profit of Rs 5-7 per liter on the sale of petrol. As the prices of crude oil decrease, the profits of the companies will also increase.
Meanwhile, brokerage firm JP Morgan has said that state-owned oil marketing companies (OMCs) are expected to see further improvement in profits as falling crude prices are strengthening fuel marketing margins. However, increasing debt pressure and uncertainty over future fuel taxes have limited their earning potential in the long term.
Last month in May, due to tensions in West Asia, crude oil prices had reached the level of $ 100-120 per barrel. Due to this, oil companies were facing huge losses of Rs 12 per liter on petrol and Rs 21 per liter on diesel.
Why are the prices of petrol and diesel not decreasing?
Despite the rise in crude oil in the situation of extreme tension in the Middle East, companies kept the prices of petrol and diesel stable for a long time. Now that companies have started earning profits, it is being used to reduce debt and earlier losses. It is not that the companies are buying oil yesterday and selling it today, rather the petrol currently available at the pump has probably been imported at an expensive rate. Unless there is supply of new stock of cheaply priced crude, there is little possibility of a decline in prices.
By when will the price reduce?
According to Petroleum Minister Hardeep Singh Puri, if the peace talks between America and Iran in Doha are successful and the prices of crude oil in the global market remain below $ 70 per barrel for a long time, then it is possible that there may be a relief of Rs 2-3 per liter in the price of petrol and diesel in the coming months.
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