New Delhi: People across the country are upset with the high prices of petrol and diesel and are demanding relief. Now there is news that the prices of petrol and diesel may come down by 2-3 rupees per liter. According to rating agency ICRA, due to the fall in the price of crude oil in the international market, there is a possibility of a reduction in fuel prices in India as well.

Fall in the price of crude oil.

ICRA said that in September, the price of crude oil in the international market reached $ 74 per barrel, which was $ 83-84 per barrel in March. If the price of crude oil remains low like this, then Indian Oil Marketing Companies (OMCs) can reduce the price of petrol and diesel by Rs 2-3 per liter.

Oil companies make profits, and customers benefit.

ICRA says that oil companies are currently in profit and reducing the prices of petrol and diesel will not cause them any loss. According to ICRA, by September 17, 2024, a profit of Rs 15 per liter is being made on petrol and Rs 12 per liter on diesel. Some part of this profit can be passed on to the customers.

Prices have not changed since March.

There has been no change in the prices of petrol and diesel since March 2024. Before the Lok Sabha elections, the prices of petrol and diesel were reduced by Rs 2 per liter on March 15. Now that the prices of crude oil are down, there is every possibility of reducing the prices of fuel.

Why are crude oil prices falling?

Crude oil production has increased in the US and global growth is weakening. Apart from this, OPEC and OPEC+ countries have currently put on hold the decision to cut crude oil production, which has led to a fall in oil prices.