Crude Oil Prices Witness Sharpest Drop Since 2020, Will Fuel Become Cheaper in India? (Facebook)
New Delhi: There is a continuous decline in the prices of crude oil in the international market. Expectations of easing tensions between America and Iran have put pressure on the oil market. Last week, crude oil prices recorded the biggest weekly decline since April 2020. On Monday, Brent crude reached close to 97 dollars per barrel, while US WTI crude was seen trading around 90 dollars. Despite this, Indian consumers have not got any relief in the prices of petrol and diesel. In Delhi, petrol remains at Rs 102.12 and diesel at Rs 95.20 per litre. In such a situation, the question in the minds of people is that when will India get the benefit of oil becoming cheaper in the international market?
According to a report, Brent crude prices fell by more than 16 percent last week. Crude oil prices have been falling steadily since reaching a six-month high in late October. After the victory of the Democrats in the US midterm elections, there is increased hope in the market that the tension between America and Iran will not escalate further.
US President Donald Trump has indicated that the possibility of new attacks may reduce as talks move forward on Iran's nuclear program and reopening the Strait of Hormuz. However, US Secretary of State Marco Rubio says that no significant progress has been made in the talks yet.
The tension in West Asia has not completely ended amid the fall in crude oil prices. Over the weekend, news of an unidentified missile attack on an oil tanker passing through the Strait of Hormuz emerged. Apart from this, Yemen's Houthi rebels targeted the Riyadh offices of Saudi Arabia's state oil company Saudi Aramco.
In response, the Saudi Army destroyed two missile launchers. These incidents have once again increased concerns about oil supply.
Despite attacks in the Strait of Hormuz, crude oil exports from the Persian Gulf have returned to near pre-war levels. According to Bloomberg survey, the production of OPEC countries has also increased compared to February. This reached approximately 88 percent of the production of the member countries at that time. Improvement in oil supply is also being considered as a reason for falling prices in the international market.
The fall in crude oil prices in the international market does not mean that petrol and diesel will immediately become cheaper in India. One reason for this is that the prices seen in the international market are also linked to futures trading. This means that the deal done today may be delivered in the future.
On the other hand, in India, government oil companies release the rates of petrol and diesel daily, but the change in prices depends on many economic and policy circumstances. When crude oil prices fall, companies may first try to recover their old losses.
Government oil companies had increased the prices of petrol and diesel by Rs 7.50 per liter four times in May 2026. At present, despite the fall in crude oil prices in the international market, Indian consumers are waiting for a price cut.
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