After a long decline in the rate of crude oil in the international market, it is now seeing a sharp rise. In fact, crude had reached a low level of 7 months. At the same time, the price is increasing after the decision to reduce production in the meeting of OPEC countries. However, for the last five months, the rates of petrol and diesel in the domestic market have remained at the old level. Let us tell you that oil companies in the domestic market have not changed the price of oil for a long time.
In fact, before now, on May 22, 2022, the centre had given relief to the public by cutting excise duty. At the same time, due to this decision of the Modi government, petrol was cheaper by Rs 8 and diesel by Rs 5 per litre across the country and at that time some states had given relief to customers by cutting VAT. These days, the period of fluctuation in crude oil continues.
On Friday morning, WTI crude rose to $85.98 a barrel and Brent crude reached $92.44 a barrel. Apart from this, government oil companies Bharat Petroleum Corporation Limited (BPCL), Indian Oil Corporation Limited (IOCL) and Hindustan Petroleum Corporation Limited (HPCL) release the price of oil at 6 am every day based on the price of crude oil in the international market.
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