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Petrol and diesel may be cheaper by up to 3 rupees before the election, what is the reason

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New Delhi. While the price of petrol and diesel was seen to be stable since the last 24 days, now experts say that till the election, the price of petrol and diesel can be cheaper by Rs 3 per liter. According to the information, in the international market, the movement of crude oil has become sluggish due to the deepening havoc of Corona virus in Europe. The benchmark crude oil prices have fallen by 6.52 per cent in the previous session. At the same time, Brent crude has come close to $ 60 per barrel after 6 weeks and the price of crude oil has broken more than 15 percent in the last 15 days. Petrol and diesel prices have been cut in India after the last 24 days due to the fall in the price of crude oil and experts say that the price of both vehicle fuels can get further relief.

Petrol and diesel prices may be cheaper by up to 3 rupees
Anuj Gupta, Vice President (Energy and Currency Research), IIFL Securities, said that due to the rekindling outbreak of Corona, there is a possibility of an impact on oil consumption in the international market, so prices may remain under pressure. . However, softening of crude oil may provide further relief to Indian consumers in the prices of petrol and deals in the coming days. He may see a drop of Rs 3 in the price of petrol and diesel in the coming days.

Also read: Big relief to common people before elections, petrol and diesel become cheaper after 24 days in the country

Why did crude oil become cheaper?
Ajay Kedia, director of Kadia Advisory, says that after the third outbreak of Corona in Europe, the re-lockdown to prevent it has resulted in a steep fall in crude oil prices in the last session, after which Brent crude prices Has come to a low of around 6 weeks. He has learned from the recent report that the price of crude oil is going to decline due to the lockdown.

What is the price of crude oil
Brent crude’s May delivery contract on the international futures market Intercontinental Exchange (ICE) was trading at $ 60.73 a barrel, down 0.10 percent from the previous session on Wednesday. Let us know that on March 8, the price of Brent crude had jumped to $ 71.38 per barrel, which is the highest level of this year. WTI’s May contract on the New York Merke Tile Exchange (Nymax) was trading at $ 57.70 a barrel, down 0.10 percent from the previous session. Oil marketing companies on Wednesday cut the prices of petrol and diesel in the country after a 24-day stability in the international market following the softening of crude oil.

Fall in the price of petrol and diesel
According to the website of Indian Oil, petrol prices in Delhi, Kolkata, Mumbai and Chennai have come down to Rs 90.99, Rs 91.18, Rs 97.40 and Rs 92.95 per liter respectively. Diesel prices have also come down to Rs 81.30, Rs 84.18, Rs 88.42 and Rs 86.29 per liter in Delhi, Kolkata, Mumbai and Chennai respectively. The price of petrol was cut by 18 paise in Delhi, 17 paise in Kolkata and Mumbai and 16 paise per liter in Chennai. At the same time, the price of diesel has come down by 17 paise in Delhi and Kolkata, 18 paise in Mumbai and 16 paise per liter in Chennai.

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