Crude oil prices have plummeted to their lowest levels since January 2024 improving the profitability of oil marketing companies which gives room to provide relief to consumers.
The central government is considering cutting fuel prices as crude oil prices fall to a nine-month low, according to a Business Today TV report citing top government sources.
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Crude oil prices have plummeted to their lowest levels since January 2024 improving the profitability of oil marketing companies (OMCs) which gives room to provide relief to consumers, one of the sources said, according to BTTV.
Currently, Brent crude is trading down amid fears of the US recession. Brent crude on Friday stood at $73.17 per barrel, while the WTI Crude oil was at Rs $69.63. For the week, Brent has been on track to drop nearly 8 per cent, while WTI was headed for a decline of almost 6 per cent.
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On Thursday, Brent again settled at a more than one-year low as worries about US and Chinese demand offset support from a big withdrawal from US oil inventories and the decision by OPEC+ to delay planned oil output increases.
Currently, petrol is being sold at Rs 94.72 per litre in Delhi, while diesel is at Rs 87.62 a litre. In Mumbai, petrol is available at Rs 103.44 per litre and diesel at Rs 89.97 a litre.
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There have been mixed signals on the US economy this week, ahead of nonfarm payrolls data on Friday that is expected to be key to the size of a US interest rate cut at the Federal Reserve’s September 17-18 meeting.
US services sector activity was steady in August, but private jobs growth slowed, remaining consistent with an easing labour market.
