Due to trade war, crude oil is being sold at the prices of 2021, when will the public get relief on petrol and diesel?

Crude oil prices have come down drastically due to the ongoing trade war between the US and China. The price of crude oil imported in India has been reduced even since the Corona period. The price of crude oil imported into India has come down to $ 70 for the first time since August 2021. Not only this, the international price of crude oil has also come below $ 65. In such a situation, the question arises that when will petroleum companies and governments showing vegetables with public money reduce the prices of petrol and diesel? India imports 87 percent of its needs.

In April last year, India was importing crude oil at a price of $ 89 per barrel, now it has come to $ 69.39 per barrel. Experts believe that prices will continue to fall due to the possibility of global trade war and recession. Goldman Sachs estimates that by the end of 2025, the international price of crude oil will reach $ 63.

Government and oil companies blamed

The government and petroleum companies are earning a lot of money due to cheap crude oil. According to experts, petroleum companies are earning a profit of 10 to 12 rupees on one liter of petrol or diesel. Because the price of crude oil is falling, but petrol and diesel are still selling expensive. To increase revenue, the government also increased excise duty on petrol and diesel by two rupees, so that more money can be charged from petroleum companies. The government has benefited from thousands of crores of rupees from this. Petroleum Minister Hardeep Puri had said that the price of crude oil is expected to decrease in the price of petrol and diesel when the price of 60 to 65 dollars.