By Admin 
Petrol-Diesel News: Amidst the easing of tensions in the Middle East and decreasing concerns about oil supply, there is a sudden sharp decline in the prices of crude oil in the international market. The price of Brent crude has slipped from $ 109 per barrel to around $ 83 per barrel. In such a situation, there is an atmosphere of happiness but there are also questions in the mind of the common man. Everyone wants to know how much the price of crude oil will fall, so that petrol and diesel also become cheaper in India.
Crude came from $ 109 to $ 83
There has been a sharp decline in the prices of Brent crude in the international market in recent times. There was a time when Brent crude was at $109 per barrel, but now it has reached around $83 per barrel. This means that within a few weeks its price has fallen by more than 20 percent. The expectation of reducing tension between Iran and Israel and the possibility of increasing global supply has given relief to the oil market.
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Why are oil prices falling?
According to media reports, the market is hopeful that in the coming time, Iranian oil can again reach the global market in large quantities. If the supply of crude oil increases, there will be pressure on prices and oil may become cheaper. This is why investors have also started speculating that the price of oil will come down.
Why is crude oil important for India?
India imports only about 85 percent of its crude oil needs. That means we are mostly dependent on others for crude oil. Therefore, every major change in oil prices in the international market affects the country’s import bill and prices of petrol and diesel. When crude oil becomes expensive, the costs of oil companies increase. At the same time, companies get relief when prices fall.
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When will petrol and diesel become cheaper?
If Brent crude remains at or below $80 per barrel, the cost pressure on oil marketing companies will reduce. In such a situation, the possibility of reduction in prices of petrol and diesel may increase. However, the prices of petrol and diesel in India are not determined only by the prices of crude oil. However, at present no official announcement has been made by the oil companies or the government regarding price reduction. But if the price of crude oil remains low for a long time, then perhaps common people will get relief on the rates of petrol and diesel.