25th January, 2020
Finance Minister Nirmala Sitharaman said that the current fall in crude oil prices has brought great relief. Crude oil prices did not rise as tensions between Iran and the US increased in the past month. Demand was already weak due to the global recession and now fears of spreading of virus in China are expected to fall further. Due to this, the prices of crude oil fell by three percent on Thursday.
Let us tell you that this month, the price of crude oil has come down by nine percent and the retail prices of petrol and diesel are expected to get further relief. In November last year, Indian oil companies bought crude oil at an average of $ 62.54 per barrel. Its average price in December was $ 65.52 per barrel. According to the data, the price has been $ 64.31 per barrel. This month, the price will come down further.
Since January 11 this month, the retail price of petrol in Delhi has been reduced by Rs 1.36 per liter and diesel by Rs 1.31 per liter. The retail price will fall further. India will also benefit from reduced global demand. The situation that arose due to the Iran-US tension has proved to be transient and is now a suitable market for the countries that are fully purchasing oil. According to the OPEC report of the Organization of Crude Oil Producer and Exporting Countries, by the end of last year, production of crude was growing at 1 million barrels per day as per demand.