The common people across the country are struggling with inflation. The public is troubled by the skyrocketing prices of petrol and diesel. Here, the prices of crude oil in the international market are at their lowest level in the last 2.5 years. There has been a huge fall in the price of crude oil. But its benefits have not yet reached the customers. Oil companies have not yet made any cut in the prices of petrol and diesel. Since March, the profit of oil companies has increased by Rs 15 in petrol and Rs 12 in diesel. However, customers have not yet benefited from this.
On September 27, 2024, the international crude oil price has decreased from $ 84 per barrel to $ 71.31. Prices continue to fall. It is estimated that this year the government can save more than Rs 60,000 crore in import bill.
Why are customers not getting benefits?
Investment Information and Credit Rating Agency (INCRA) has said in a report that the price of crude oil has fallen by 12 percent since March. Multiple reports say Saudi Arabia is preparing to abandon its price target of $100 per barrel for crude oil in order to increase production. Due to this, there is a possibility of further decline in prices in the coming time, which may further increase the profits of domestic companies. In such a situation, INCRA says that if the oil marketing companies wish, they can provide benefits to their customers. But the companies have not done this yet. Oil marketing companies have been reaping profits for the last several months. Companies have been keeping the prices of petrol and diesel stable for a long time.
These oil companies became silver
The country’s three big oil companies Bharat Petroleum, Hindustan Petroleum and Indian Oil have earned huge profits. These three companies have earned a total profit of Rs 81,000 crore in the financial year 2023-24. In this, the profit of Indian Oil was Rs 39,619 crore. Bharat Petroleum has made a profit of Rs 26,673 crore and Hindustan Petroleum has made a profit of Rs 14,694 crore.
Saving of Rs 13,000 crore to the government
It is being said that due to fall in crude oil prices, the government saves a huge amount of money. A drop of one dollar per barrel results in annual savings of about Rs 13,000 crore on India’s import bill. In the Economic Survey of 2024, the average price of crude oil in this financial year has been estimated to be $ 84 per barrel. However now it is between 70 to 75 dollars per barrel.
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