In the month of October, there has been a decline of more than 11 percent in the price of Brent crude oil. On the other hand, the price of WTI has also declined by about 9 percent. Which are likely to fall further. In the month of October, the price of Brent crude oil may reach $75 per barrel. The effect of which can be seen in the prices of petrol and diesel at the local level in the month of November. According to experts, due to fall in the price of crude oil, the price of petrol may fall by Rs 7. After which the price of petrol in the country's capital Delhi will be below Rs 90 per liter. There has been no change in the prices of petrol and diesel in the country since May 21. Let us also tell you what the price of crude oil has become.
Brent crude fell more than 11 percent in October
In the month of October, the prices of oil i.e. Brent crude oil of Gulf countries have decreased by more than 11 percent. On September 29, the price of Brent crude oil was $ 95.31 per barrel. Which is currently at $84.48 per barrel. In the last two days, there has been a decline of 6 percent in the price of crude oil. On the other hand, American oil prices have also seen a decline of more than 8 percent. According to the data, the price of WTI was at $ 90.79 per barrel on September 29, which is currently trading at $ 82.79 per barrel. In the last two to three days, a decline of more than 6 percent has been seen.
Why did the price of crude oil fall?
The biggest one-day decline after September 2022 was seen on Thursday, which was 6 percent. This decline has come after the rally that started in June. After June, production cut was announced by OPEC countries. Due to which supply decreased compared to demand and prices increased. In the third quarter, the price of crude oil saw an increase of more than 30 percent. Production cut by Saudi Arabia and Russia continues till the month of December. A government report on Wednesday showed US stockpiles of gasoline increased by about 6.5 million barrels last week, the largest increase in nearly two years. It is expected that America can start producing more crude oil to manage the imbalance of demand and supply. Due to which there has been a decline in the price of crude oil.
Can Brent crude reach $75 per barrel?
Anuj Gupta, Commodity Currency Head, HDFC Securities, while talking to, said that the pressure on global oil producers regarding crude oil production is increasing. Now there have been indications from America to increase production. Its impact may be seen further in the coming days. He said that a huge fall in the price of crude oil may be seen at the end of October. The level of Brent crude oil can be seen at 75 to 80 dollars per barrel.
Petrol may become cheaper by Rs 7?
Anuj Gupta told about this that if the price of Brent crude oil sustains at $ 80 per barrel or especially at $ 75 per barrel by the end of October, then there may be a decline in the price of petrol in the month of November. This decline can be seen from 5 to 7 rupees. He said that by then the recent losses suffered by the oil marketing companies will also be compensated. He said that the government would also be working out in this direction. The way the government has given relief to the common people in the price of gas cylinder in 40 days. There may be relief in the prices of petrol and diesel in the coming days.
Petrol and diesel price in India
On the other hand, there has been no change in the prices of petrol and diesel in India. The last change in the prices of petrol and diesel in the metropolitan cities of the country was seen on May 21. At that time, the country's Finance Minister Nirmala Sitharaman had reduced the tax on the price of petrol and diesel. After that some states tried to influence prices by reducing or increasing VAT. The interesting thing is that ever since the prices of petrol and diesel started changing daily in the country as per the international market, this is the first time that petroleum companies have not made any changes during the record timeline.
Price of petrol and diesel in major cities of the country
New Delhi: Petrol rate: Rs 96.72 per liter, Diesel rate: Rs 89.62 per liter
Kolkata: Petrol rate: Rs 106.03 per liter, Diesel rate: Rs 92.76 per liter
Mumbai: Petrol rate: Rs 106.31 per liter, Diesel rate: Rs 94.27 per liter
Chennai: Petrol rate: Rs 102.63 per liter, Diesel rate: Rs 94.24 per liter
Bengaluru: Petrol rate: Rs 101.94 per liter, Diesel rate: Rs 87.89 per liter
Chandigarh: Petrol rate: Rs 96.20 per liter, Diesel rate: Rs 84.26 per liter
Gurugram: Petrol rate: Rs 97.18 per liter, Diesel rate: Rs 90.05 per liter
Lucknow: Petrol rate: Rs 96.57 per liter, Diesel rate: Rs 89.76 per liter
Noida: Petrol rate: Rs 96.79 per liter, Diesel rate: Rs 89.96 per liter
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