Crude Oil is discussed all over the world. Especially Russian Crude Oil, on which G7, Europe and allied countries have capped $60.
This means that Russia can no longer sell crude oil at a price of more than $ 60 per barrel. On the other hand, India can get $11 cheaper than the capping of Russian oil G7.
If this happens then India will buy the cheapest crude oil in 8 years. Due to which the price of petrol and diesel in India may fall by Rs. 30 to 35. Let us tell you how and in what way India can benefit in this game of oil.
Crude oil will be the cheapest in 7 years
After the fall in the price of crude oil in the international market, Indian refiners can get Russian oil at a price less than the price cap of $ 60 in western countries.
Indian industry executives said India has not supported the price cap and may still pay lower rates as Russia cannot bypass the market or reduce rebates for selling at rates above the cap .
Flagship Ural crude, which accounted for 80 per cent of India’s Russian oil imports in November, is trading at around $49 a barrel.
It is clear that India can get $ 11 cheaper than the Russian oil price cap.
If India gets Russian crude oil at $49, it will be the first time in 8 years.
We have to exclude the pandemic period during this time when crude oil prices went negative in the world.
According to the data, in November 2015, the price of Brent crude oil was at $ 48.79 per barrel.
India has been importing the maximum amount of Brent crude oil. In such a situation, India will get many benefits of cheap crude oil.
Apart from reducing the inflation in the country, it will also help in improving the economy of the country.
So petrol will come at Rs 61
If the country starts getting crude oil at the prices of 2015, then now the question is, will the prices of petrol and diesel also become similar to that period? In this case, IIFL Vice President Anuj Gupta said that if the country starts getting Russian oil at $ 49, then the price of petrol in the country can be seen to fall from Rs 30 to Rs 35. This means that the price of petrol in the country will come down to Rs.61. At the same time, there can be a further decline in the price of diesel. Diesel prices can be reduced by more than Rs.40. This means that the price of diesel can go below Rs.50.
Crude oil and petrol and diesel prices in 8 years
Year Oil (in dollars per barrel) Petrol (in rupees per liter) Diesel (in rupees per liter)
| 2015 | 48.70 | 60.49 | 49.71 |
| 2016 | 43.53 | 59.68 | 48.33 |
| 2017 | 62.63 | 63.09 | 53.33 |
| 2018 | 75.54 | 75.55 | 67.38 |
| 2019 | 65.70 | 72.96 | 66.69 |
| 2020 | 45.66 | 79.76 | 79.88 |
| 2021 | 75.32 | 99.86 | 89.36 |
| 2022 | 49.62 (Russian Oil) | 105.41 | 96.67 |
Cost of petrol and diesel in 2015
In the month of November, when the price of Brent crude oil was at $49 per barrel. While in the country at that time there was a change in the price of petrol and diesel every 15 days. In the country’s capital Delhi, on November 2, the price of petrol was Rs 61.06 per liter and the price of diesel was Rs 46.80 per litre. It is clear that the prices of petrol and diesel in the country can also come to the level of 2015.
