Biggest Decline in the Price of Crude Oil in 5 Years, Petrol Will be Cheaper Too !

New Delhi: Crude oil prices have fallen by 10 per cent in the international market on Friday. This decline in the price of crude oil was seen after the decision by OPEC countries not to cut production. US WTI and Brent Crude Oil prices fell. Both crude oil prices fell by 10.07 per cent and 9.4 per cent respectively. During the meeting in OPEC and its partner countries, there could not be any talk on cutting crude production.

On Friday, US West Texax Intermediate (WTI) crude price fell by $ 4.62, or 10.07 per cent. After this, the price of WTI came to $ 41.28 per barrel, which is the lowest level since August 2016. At the same time, in the case of Brent crude, its price also saw a decline of 9.4 per cent, after which the price of Brent crude came to $ 45.27 per barrel. This is the lowest price since June 2017.

OPEC and its partner countries (OPEC +) have called for a meeting once the consensus on the cut in crude oil production is not agreed. However, its decision has already been taken regarding the reduction in production and it will continue till the end of March. There is uncertainty as to whether this will be implemented further. Russia’s Energy Minister Alexander Novak has said after the meeting that no member will produce oil according to their strategy until 1 April. We have taken this decision because no consensus has been reached about the cut in production.

Petrol-diesel may be cheaper by Rs 3-4 per liter

In the international market, the direct benefit of this reduction in the price of crude oil will also be seen in petrol-diesel. So far this year, the price of petrol has been reduced by Rs 4 per liter. At the same time, talking about the price of diesel, there has been a reduction of Rs 4.15 per liter since the beginning of the year. Ajay Kedia of Kedia Commodity said that if the rupee rises against the dollar, then the price of petrol and diesel in domestic market can be reduced by Rs 3-4 per liter. At the same time, if the weakness in the rupee continues, then the expectation of a big cut in petrol and diesel prices will be reduced.