Tuesday, October 14, 2014
By Manoj Kumawat
Petrol prices likely to decline 1 Rupee more on Diwali
It is reported that prices of fuel may go down during the festive season of Diwali after completion of assembly elections in states of Haryana and Maharashtra. According to sources the prices of petrol may decline upto one rupee followed by significant decline in prices of diesel also. This decline in prices of fuel is due to decline in prices of crude oil during the last four years.
It would be interested to learn that there has been regular decline in prices of crude oil in International market since June this year. According to sources all the major oil suppliers of country that Indian Oil Corporation, BPLC and HPCL are going to conduct a meeting sometimes during this week to decide the percent of decline in prices of fuel, however the final decision would be taken only after the approval of ministry of cabinet. Commenting on the regular decline in prices of crude oil sources of International Monetary Fund (IMF) said that prices of crude oil depends on geographical and political conditions existing across the world. According to sources at present the major risk in disturbance of oil production is because of increasing political disturbances taking place in Iraq, Yemen and Libya. The geopolitical activities in these countries reflect the hike and slash in prices of petrol.
At present India imports billion barrels of crude oil annually, keeping this requirement in concern if the cost of per barrel oil was $106 during the last financial year and now if the per cost falls to $100 barrel than import bill of country will fall around $10 billion (INR 61,0-00 crore).