In the global market, there has been a steep fall of 30 percent in the price of crude oil. After 1991, there has been such a big fall in the price of crude oil. This decline in crude has been observed due to price war in Saudi Arabia and Russia. Also, due to the fast spreading corono virus in the world, demand has also decreased.
Actually, there was no decrease in production despite the demand being low. There was a meeting between the Organization of the Oil Exporting Countries OPEC and its partners regarding the production cut, but no consensus was reached in the meeting.
Due to this major decline in the price of crude oil in the global market, its effect can be clearly seen in the domestic market. In the coming days, a big drop can also be seen in the price of petrol and diesel.
According to senior trade analyst Arun Kejriwal, India will get the benefit of the fall in the price of crude oil. Petrol and diesel can be cheaper up to 6 rupees per liter. However, the rupee remains weak against the US dollar. Therefore, there is little hope of a big cut in petrol and diesel.
On the first day of the week just before Holi, prices of petrol-diesel (Petrol-Diesel Prices Today) fell. For the fifth consecutive day, the price of petrol and diesel has seen a decline. With today’s decline, the price of petrol has reached a low of 9 months. On Monday, petrol prices were cut by 23 to 25 paise per liter. At the same time, the price of diesel has been reduced by 25 to 26 per liter.
