International crude oil prices have returned to levels (about $72 per barrel) before the conflict between Iran, the US and Israel began. However, there was no change in the prices of petrol and diesel across the country today. Brent crude, the global benchmark, was trading around $72-$73 per barrel, while US crude fell below $70 per barrel. In late February, as tensions rose due to the conflict in West Asia, crude oil prices crossed $120 per barrel. However, now the prices have become normal. This is expected to reduce India’s import bill, which will improve the economic condition of the government and reduce inflationary pressure.
City Petrol Price (per litre) Diesel Price (per litre) Delhi Rs 102.12 Rs 95.20 Mumbai Rs 111.21 Rs 97.83 Kolkata Rs 113.51 Rs 99.82 Bhopal Rs 114.54 Rs 99.64 Gurugram Rs 103.32 Rs 95.51 Patna Rs 113.35 Rs 99.36 Shimla Rs 102.55 Rs 94.61 Chandigarh Rs 101.51 Rs 89.47 Pune Rs 111.52 Rs 98.15
**Companies are now earning good profits**
However, surprisingly, government oil marketing companies (OMCs) have not made any change in their pump prices despite the fall in international crude oil prices. Industry data shows that when crude oil prices rose, petrol and diesel prices were increased by about ₹7.50 per litre, but there has been no announcement of price cuts after the recent decline. Officials said government oil marketing companies are currently earning good marketing margins on the sale of petrol, although diesel is still being sold at a nominal loss.
**Burden on oil companies**
He said that when crude oil prices were at their highest at the peak of the West Asia crisis, the government oil companies themselves bore the burden to provide relief to the general public. A partial price hike of about ₹7.50 per liter was implemented in May; However, government oil companies still had to suffer losses.
Industry officials also pointed out that domestic fuel prices are not linked to daily fluctuations in the global crude oil market. Instead, price changes are usually based on the average price of crude oil over the past two weeks or months. As a result, the impact of the recent decline in crude oil prices may take some time to reach consumers, provided international prices remain low for a long time.
