Petrol and diesel rates are going to come down very soon in the country. Because the prices of crude oil in the international market have come down to the lowest level in the last 3 years. Due to which oil marketing companies are benefiting. It is being said that oil rates can be reduced before the Haryana assembly elections.
This is the reason why the price of crude oil fell
On Tuesday, the price of Brent crude fell below $ 70 per barrel. Crude oil has come to this level for the first time since December 2021. There is a possibility of a decrease in oil demand due to slowing growth of the global economy. Due to this, the price of crude oil has fallen. This has improved the margins of oil marketing companies.
Oil companies will consider
Pankaj Jain, Secretary, Ministry of Petroleum and Natural Gas, said that if the price of crude oil remains low for a long time, then oil companies will consider reducing fuel prices. This will provide some relief to the common people.
Oil prices were last reduced in March
Oil prices were last reduced in the month of March this year. Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL) reduced prices by up to Rs 2 after the government's order. These companies hold a 90% share in the country's oil market.