close
Breaking news

Meghalaya Governor Satya Pal Malik’s stand has not softened even after th...read moreAll You Need to Know About Cryptocurrency in India: Trends, Legality and Taxa...read more The Champaran Foundation, in collaboration with InFeed, organised an online e...read more In one of the biggest leaks ever of offshore financial records, the Internation...read more The Champaran Foundation, in collaboration with InFeed, is inviting entries fo...read more The recently concluded German elections on September 26, 2021 have given a divid...read more According to latest news reports, China has been on a defense infrastructure rev...read more A new line of argument has already come to dominate the public sphere: it’...read more The government has gone one step further to detect community spread of the coro...read more The government has issued an order to abolish the six allowances, including the...read more Aarogya Setu application launched by NIC is aimed to track COVID-19 affected pe...read more SEOUL| South Korea’s unemployment rate was unchanged in April as the coronavi...read more Amid the outbreak of Corona pandemic in the country, Indian government has been...read more Prime Minister Narendra Modi in his address to the nation on Tuesday indicated ...read more Corona infection in the country is taking a macabre form. So far, more than 74 ...read more Congress General Secretary Priyanka Gandhi Vadra has written a letter to UP Chi...read more On Tuesday, Prime Minister Narendra Modi announced a package of Rs 20 lakh cror...read more

Indians Will Not Get Cheaper Petrol Even After Crude Oil Price Collapse

Petrol Price

There will be no major cut in the prices of petrol and diesel in the country due to ‘burning’ of the Crude oil market due to Corona virus epidemic. This is because the domestic fuel prices in India are set by a different ‘benchmark’ and the refineries already have sufficient reserves of crude oil and are not yet purchasing American crude.

Amid the turmoil in the US market, the price of crude oil fell so much that the oil buyers were not ready to take it and the seller is currently asking them to keep it in their stores. They may also have to pay for it. With the production of crude oil and its availability exceeding the requirement, due to dwindling demand due to corona virus, traders are looking to remove their unwanted stock as soon as possible. This ‘collapsed’ American West Texas Intermediate crude oil prices for May delivery.

Businesses unable to take delivery of book order
Indian Oil Corporation (IOC) chairman Sanjeev Singh said that traders are not able to take delivery of pre-booked orders as there is no demand. Because of this, crude oil prices have come down in America. They are paying him in reverse to keep the oil in his reserves on behalf of the seller. Singh said, “If you look at the June futures, it is trading at a positive trend of around $ 20 per barrel.” He said that the lower prices of crude oil are good in the short term, but in the long run it will affect the oil-based economies, because the producers will not have surplus to invest for exploration and production. This will eventually reduce production. However, he did not comment on retail fuel prices, which have been stable since March 16.

Story Page