Petrol and Diesel may soon become much cheaper, because the big estimate of Global Bank JP Morgan has come out. According to the bank, in the next three years the world supply of oil is going to exceed its demand. For this reason, there will be excess Brent Crude Oil in the market, due to which its prices may fall by 50% to around $30 by the end of FY 2027. This estimate has come at a time when India is the second largest oil importer in the world. The Indian economy will directly benefit from the huge fall in prices. India’s crude oil import bill in the year 2024 is more than ₹12 lakh crore. If Brent Crude comes to $30, India can get huge savings of about ₹6 lakh crore. The biggest reason for this Demand-Supply imbalance is the strong production capacity of Non-OPEC+ countries. By 2027, almost half of the new supply coming to the market will be from outside OPEC+ countries. Due to this, global inventories are filling up rapidly. This year the world’s oil stock has increased at the rate of 1.5 million barrels per day, of which about 1 million barrels are stored in ships and China’s reserves. If Brent Crude falls to $30, India, the government and the common man will get huge benefits.
Petrol-Diesel will soon become very cheap? Brent Crude up to $30! India may save ₹6 lakh crore!
