petrol and diesel
Even though on Monday morning the price of crude oil had crossed $82 per barrel in the international market. But by the time the market closed, the prices suddenly dropped and the figure came to $77. By the way, due to the closure of the international market on Monday, the crude oil of Gulf countries had also come down to $ 76 per barrel. In fact, the biggest reason for the fall in crude oil prices was the meeting between US and Iran officials on Monday. Which is being considered quite positive. If we look at the data, there has been a decline of 5 percent in the prices of crude oil in the last 24 hours.
Even though Iran has not yet agreed to stop the nuclear program. But the US Vice President has given relief to Iranian oil for two more months. Due to which concerns regarding supply have been removed. There are also signs of reducing tension between the two countries. Earlier, Iran had again closed the Strait of Hormuz. On the other hand, US President Donald Trump had threatened to attack Iran again.
If experts are to be believed, more positive things may emerge in the coming days regarding the talks between Iran and the US. Despite this, fluctuations in crude oil prices may continue. According to experts, good news can also be heard regarding the prices of petrol and diesel. Let us also tell you what the price of crude oil and the prices of petrol and diesel have become in India.
Crude oil prices in the international market closed with a decline of more than 3 percent on Monday. By the way, the prices of Gulf and American crude are trading flat on Tuesday. Look at the figures, crude oil of Gulf countries closed at $ 77.52 per barrel on Monday. Whereas during the trading session it also went up to $76 per barrel. Since Tuesday morning, crude oil from Gulf countries is seen trading at a flat $77.72 per barrel.
In the last 24 hours, the price of crude oil in Gulf countries has seen a decline of about 5 percent. At the same time, a decline was seen in the price of American crude WTI and on Monday the price came down to $ 73 per barrel. On Monday, American crude prices closed with a decline of 4.53 percent. However, on Tuesday, the price of American crude is trading flat at around $74 per barrel in the futures market. However, in the last 24 hours there has been a decline of 5.50 percent in the price of American crude.
America approved the sale of Iranian oil on Monday. Under the general license issued by the Treasury Department, permission has been given to sell crude oil, petrochemicals and petroleum products made in Iran till August 21.
Meanwhile, Foreign Ministry spokesman Ismail Baghai told state news agency IRNA that Iran did not discuss its nuclear program nor accept any new commitments in talks with the US in Switzerland on Sunday.
Last week, the US government's emergency stock of crude oil reserves decreased by 90.5 lakh barrels, which is the third largest decline so far. This reduction is part of a US agreement to release 172 million barrels of oil from the facility to help reduce fuel prices.
Now the biggest question is whether good days will come on the petrol and diesel front. If experts are to be believed, the way crude oil prices are falling is visible. It seems that there may be a decline in the prices of petrol and diesel. Recently, Petroleum Minister Hardeep Singh Puri had also indicated that as soon as cheap crude oil arrives in India's refineries, the common people will start getting its benefits.
Recently many tankers of India have left from Hormuz. Which will soon reach the Indian port. JP Morgan has released its report. In which it is said that the margins of oil companies have improved, which has reached a better position than the pre-war level. In such a situation, the losses of the companies will soon be compensated. However, LPG companies are still incurring a loss of more than Rs 600 crore every day.
However, there has been no increase in the prices of petrol and diesel in India for about 29 days. If experts are to be believed, the way crude oil prices are falling, it is estimated that the freeze button will remain pressed on the prices of petrol and diesel. The price of petrol and diesel in Delhi is Rs 102.12 and Rs 95.20 per liter respectively. Whereas in Kolkata the price of petrol is Rs 113.51 and the price of diesel is Rs 99.82 per liter. Whereas in Mumbai the prices of petrol and diesel are seen at Rs 111.21 and Rs 97.83 per liter respectively. Whereas in Chennai the price of petrol has come to Rs 107.77 and diesel to Rs 99.55 per liter. However, in the month of May, there was an increase of 7 to 8 percent in fuel prices.
