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Global fuel prices fall ahead of recession; But why is it not reduced in India?|Petrol Price today in Kerala| Manorama Pnline Sampadyam

Global fuel prices fall ahead of recession; But why is it not reduced in India?|Petrol Price today in Kerala| Manorama Pnline Sampadyam
Global fuel prices fall ahead of recession; But why is it not reduced in India?|Petrol Price today in Kerala| Manorama Pnline Sampadyam

After Russia started the war in Ukraine, fuel prices were on fire at the global level. But fuel prices have started to cool now as fears of an economic recession intensify. Crude fuel prices have decreased by 6 percent in the month of August itself in the international market. Oil prices have also fallen as central banks around the world have raised interest rates to curb inflation. Lower crude oil demand from China was also a factor in the fall in oil prices.

Production

Although the United States has repeatedly requested the OPEC countries to increase oil production, they have not been willing to increase production. But now many countries have agreed to increase oil production from September. Increasing availability of oil at the international level will also lead to lower oil prices by next month.

Why not decline in India?

Even when global oil prices are falling, oil prices in India are not falling accordingly. The national media is reporting that oil prices are not being cut now to cover the losses incurred by oil companies in India in the last five months. Even when the price of oil increased at the international level, Indian companies were selling petrol at a loss of Rs 20-25 per liter without increasing the price. Similarly, there was a loss of Rs 14-18 per liter in diesel sales. The reason given by the oil companies is that they are not reducing the price now to cover that loss. The companies are also saying the loss figures incurred as the prices, which have to change every day according to the international market, remained unchanged for 137 days from last November 4th to March 22nd in India. Even if oil received from Russia at a low price or the election in Uttar Pradesh is not included in the calculations, the bottom line is that the effect of low oil prices at the international level will not reduce the pocket leakage of the Indian consumer immediately.

English Summary : Crude Oil Price Coming Down Globally, But India is not Ready to Reduce it. Why?


The article is in Malayalam

Tags: Global fuel prices fall ahead recession reduced IndiaPetrol Price today Kerala Manorama Pnline Sampadyam

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