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| Name | Could Petrol & Diesel Prices Drop Before Diwali? | Crude Oil Prices Drop | Global Oil Trends | News9 |
| Video Uploader | Video From NEWS9 Live |
| Upload Date | This Video Uploaded At 27-09-2024 14:01:13 |
| Video Discription | As we gear up for the upcoming festive season, you might just get an unexpected Diwali gift. Rumors are that there could be a possible ₹2-3 cut in petrol and diesel prices. This speculation comes as there was a dip in global crude oil prices, which is good news for our wallets. Recently, crude oil has been on a bit of a rollercoaster ride, but there’s now a noticeable drop in prices. Brent crude fell by 57 cents to $71.03 per barrel, and West Texas Intermediate dropped 58 cents to $67.09. So what are the factors impacting petrol prices in India? Petrol plays a crucial role in India’s economy, driving both consumption and imports. As the country’s demand for crude oil imports grows, it's likely that petrol prices for consumers will rise. However, India is making significant investments in refining and exploration sectors to boost internal supply and reduce dependency on global markets. Several key factors influence petrol prices in India, including domestic petrol usage, government revenue needs, regulatory policies, and global markets. These efforts aim to stabilize the supply, but fluctuations in global oil prices still have a major impact. Now, you might be wondering why we’re not seeing daily price changes at the pumps. Since November 2021, when fuel prices hit record highs, our state-owned oil marketing companies decided to pause those daily revisions. But here’s where it gets interesting—according to the Investment Information and Credit Rating Agency (ICRA), there’s room for a price cut. They believe the recent drop in crude prices has improved margins for petrol and diesel, paving the way for potential reductions. ICRA reported that the average price of the crude oil basket India imports has dropped from about $83-84 a barrel back in March to around $74 this September. With better marketing margins, the OMCs could cut prices, potentially bringing relief at the fuel pump just in time for the festive season. However, there’s a catch. While consumers might rejoice at lower prices, any hikes in excise duty could balance out those benefits. If crude prices start creeping back above $80-85 per barrel, the margin for price cuts may narrow. While a Diwali fuel price cut seems likely, it all depends on global oil prices and potential tax adjustments. So, keep your fingers crossed and stay tuned to News9 for the latest developments and expert insights on what this means for your fuel costs. .............................................................................................. News9 is India's first fully integrated English news brand across all digital platforms. It includes a publishing platform, viz. www.news9live.com, a future-ready OTT platform, News9 Plus, and a 24-Hour video streaming service on connected TVs and all social platforms. It's the English news brand that understands and fits perfectly into the digital-first lifestyles of our English news audiences. ► News9 Plus Website : https://www.news9plus.com/all ► News9 Plus App : https://news9plus.app.link/aPwz3P2psMb ► News9 OTT Coupons : https://bit.ly/4dwLDx4 ► Watch us on YouTube : https://www.youtube.com/c/NEWS9LIVE ► Like us on Facebook : https://www.facebook.com/news9live ► Follow us on Instagram : https://www.instagram.com/news9live ► Follow us on Twitter : https://twitter.com/NEWS9TWEETS |
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