Petrol and diesel rates are likely to decrease in the next few days. Oil companies have indicated that. Oil prices on the world market rose after the Ukraine war broke out last year. But still fuel prices have not been hiked in India. Due to this, the oil companies had to bear a lot of losses. Later, when oil prices stabilized, fuel prices were not reduced. Because the oil companies were covering their losses.
Now the recovery of this loss is quite complete. Also, the balance sheets of oil companies have also become profitable and therefore, oil prices are expected to fall in the coming days.
Along with maintaining the supply in the global market, the losses of the companies have also been covered. Similarly, oil companies have also benefited well in the last quarter. Apart from this, the oil companies are also getting good profit from the sale.
There is information that the Ministry of Petroleum has given instructions to reduce the prices of petrol and diesel so that the common citizens can also benefit from the profit.
What are crude oil prices?
Brent crude oil was trading 0.16 percent higher at $76.90 a barrel. Also, WTI crude oil was trading at $72.50 a barrel, down 0.04 percent. Meanwhile, the prices of petrol and diesel have been revised in many cities of the country. Oil has become expensive in some places and fuel has become cheaper in some places.
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