The fall in crude oil prices at the global level may soon be felt in the Indian market. Oil Secretary Pankaj Jain said that if the price of crude oil remains low across the world for a long time, oil companies may consider reducing the rates of petrol and diesel. Notably, the government is increasing its efforts to increase crude oil production and buy crude oil from cheap crude-selling countries like Russia.

Relief to the people after two years! :
After almost two years the price has been reduced by the companies, which will be a big relief to the people of the country. Oil prices were last cut in April 2022. Pankaj Jain, secretary of the Ministry of Petroleum and Natural Gas, said that if the price of crude oil remains low for a long time, the oil companies may consider reducing the rates of petrol and diesel. In the last few days, the prices of crude oil have come to the lowest level in three years. Due to which the profit of oil companies has increased. The fall in prices is paving the way for the supply of petrol and diesel at lower rates. Two days ago, on September 10, Brent crude fell below $70 per barrel for the first time since December 2021, with Brent crude trading at $71.49 per barrel on Thursday (September 12). Margins for retailers and state-owned oil companies have increased due to the fall in prices. State-owned companies account for nearly 90 percent of the market. In futures trade on Thursday, crude oil was trading at Rs. 51 increased to Rs. 5,709 per barrel. Participants increased their positions following strong spot demand. On the MCX, crude oil for October delivery settled at 11,306 lots at Rs. 51 to Rs. 5,709 per barrel was traded. Globally, in New York, crude oil was trading up 1.26 percent at US$68.16 a barrel and Brent crude was up 1.32 percent at US$71.54 a barrel.