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Analysis: Will petrol-diesel be cheaper in the coming days?

Monday - October 8, 2018 4:15 pm , Category : WTN SPECIAL
Crude oil price declines in domestic futures market
Crude oil price declines in domestic futures market

Brent crude becomes cheaper and Iran gets ready to export crude oil to India in Indian currency

OCT 08 (WTN) – Now a day’s, everybody is discussing about the petrol and diesel prices. Due to the rising prices of the oil, the Central Government had to face considerable criticism, after which the Central Government had to reduce the price of petrol and diesel by Rs 2.5 per liter. After which many BJP-ruled states had reduced taxes on petrol and diesel prices, after which the price of petrol and diesel goes down up to five rupees per liter.

But the public could get the less benefit of reducing the price of oil, and in the last three days, petrol prices have been increased by 53 paise and diesel prices have been increased 87 paise per liter. But according to the information, weak foreign signals have softened the prices of crude oil in the domestic futures market and it is hoped that in the coming days, the price of oil can be reduced.

According to the information, the decline in crude oil prices in the international market has been noticed. Experts believe that this decline can continue even in the further, and if so, then Brent Crude may come down from $ 80 a barrel, which could further reduce the prices of Petrel-Diesel. According to the information received from the media, the October futures contract of crude oil down by nearly 1.48 percent, 82 rupee, to Rs 5,464 per barrel on the domestic futures market on the Multi Commodity Exchange on Monday. Earlier, the contract had registered a decline of Rs 5,455 per barrel.

Here, the December futures contract of Brent Crude was consist on Monday at $ 83.31 per barrel on Intercontinental Exchange, which was $ 0.85, or 1.01 per cent on ICE. For your information let you know that Brent crude price went above $ 86 per barrel on the ICE last week. Here form the 4th November, the US sanction on the Iran is going to be imposed which could affect the Indian oil economy, but the Indian government has made it clear that it will continue importing oil from Iran.

For your information let you know that after Iraq and Saudi Arabia, India imports the most oil from Iran. Secondly, the cost of importing crude oil from Iran is less compared to other countries. Not only that, Iran gives more time to pay, rather than any other Gulf countries. Not only that, after the US ban the Iran is also ready to receive payments in Indian currency from India.
 
Even after US sanctions, India has decided to buy oil from Iran and this oil trade between the two countries will be in Indian currency. In the coming days, petrol and diesel prices are expected to be cheaper in India. It is being said that Brent crude prices may be too low in the coming days in the international market, so that people of the country can get petrol and diesel in cheap price in the near future.
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