New Delhi: Reportedly, oil companies are preparing to reduce the price of petrol and diesel. Quoting government sources, the report cites that the prices are about to be reduced once the companies have recouped their losses and started to reach normal levels. It is known that a decision will be taken in this regard soon. Earlier, even when the price of crude oil fell significantly, the oil companies did not reduce the price in order to cover the losses.
The performance of the companies in the quarterly quarter has been good. Therefore, it is believed that the customers will have a favorable decision. Although there are reports that the Organization of the Petroleum Exporting Countries (OPEC) may cut production in order to maintain prices, the Ministry of Petroleum has also clarified that this will not affect oil supply. This is because India buys oil from countries including Russia. India buys oil from Russia at a huge discount. This was also the main reason why the price of crude oil did not increase here even when the price of crude oil rose massively in the international market.
Saudi Arabia, the world’s leading oil exporter, has announced that it will cut production from next month. A reduction of 10 lakh barrels per day. This has raised concerns that crude oil prices may increase in the global market.
2023-06-08 04:45:23
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