Prices of petrol and diesel may decrease soon in the country, crude oil has given relief, know how much prices can be reduced on every liter

In just one week, the price of Brent has fallen by more than $ 12 per barrel. Traders fear that the demand will slow down in the coming time, which is affecting the prices.

Petrol and diesel prices may come down soon

Expectations of reduction in petrol and diesel prices have started increasing in the coming time. Actually, there are signs of relief in crude oil prices. On Wednesday itself, the prices had reached the lowest levels since February. There has been a recovery in prices today. However, even after the rise, Brent crude remains below the critical level of $ 100 per barrel. Only yesterday OPEC countries have announced to increase production in September. Which is a very small increase from expectations. Even after this, due to the oil prices staying below the level of $ 100, it is believed that the traders fear a fall in demand in the coming time. If the experts are to be believed, then the trend of decline in oil will result in the coming time. Petrol and Diesel Prices 3-4 rupees per liter may decrease.

How much will you get in oil prices

Anuj Gupta, Vice President, IIFL Securities said that the crude oil prices are seeing a correction of up to 18 percent in 3 months. At the same time, the stock of crude and gasoline in America is increasing continuously due to decreasing demand. Corrections in crude are a very good sign for India and it is expected that due to this fall in crude oil, the price of petrol and diesel can be cut by 3 to 5 rupees per liter soon.

where did crude oil reach

Brent crude futures have seen a gain of more than half a percent today. However, even after this increase, Brent crude remains below the level of $ 98 per barrel. At the same time, even after the increase in WTI crude futures, it is close to $ 91 per barrel. In the previous session, both the benchmarks had reached their lowest levels since February. The fall in crude oil prices was seen due to a sharp increase in crude inventories in the US. This increase was much higher than expected. At the same time, traders fear that there may be a fall in demand in the coming times, due to which there may be pressure on crude prices. On the 29th of last month, Brent crude futures were at the level of $110 per barrel. On August 3, Brent closed at $97.52 a barrel. That is, in just one week, the price of Brent has decreased by more than $ 12 per barrel.

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OPEC+ countries will increase production at a slow pace

In the meeting of OPEC on Wednesday, it has been decided to increase the production of crude oil by one lakh barrels per day. This increase is the slowest pace of growth in the last several months. Experts believe that OPEC+ countries are apprehensive of further decrease in demand, so they are taking a cautious approach to increase production. OPEC countries had sharply cut their production due to reduced demand during the epidemic. The cut-off deadline ends in September.