Petrol and diesel prices may come down soon! Biggest fall in 5 years, crude oil price below $ 70

India's Crude Import Price Falls: The average cost of crude oil import in India is less than $ 70 per barrel. This is the first time since 2021 that so little money has to be paid for crude oil.

India's Crude Import Price Falls: The price of crude oil imported into India has seen the biggest fall in the last five years. The average cost of crude oil import in the country is less than $ 70 per barrel at this time. This is the first time since 2021 that so little money has to be paid for crude oil. On Monday, Brent crude fell below $ 65, after which people can get relief from the reduction in the price of petrol and diesel.

Hindustan Times reported that on Friday, the average cost of crude oil imports was $69.39 per barrel, which is 22 percent less than the $89.44 spent in April last year. Official data could not be updated yet as Monday was a holiday due to Ambedkar Jayanti.

HT quoted its sources as saying that in the coming days, crude oil prices may fall further due to the slowdown in global growth and the decrease in demand amid the tension of the trade war.

This information has come to light quoting oil firm executives and experts in this field. India imports more than 87 percent of its processed crude oil. Also, crude oil is the main raw material in the refining business, which is about 90 percent of the total cost.

Reuters said in its report on Monday that Goldman Sachs expects the average price of crude oil to remain at $63 per barrel this year. In this, he further said that the Organization of Petroleum Exporting Countries (OPEC) has projected a reduction in oil demand for this year and next year.

According to a Bloomberg report, according to a report by the Vienna-based OPEC Secretariat, the cartel has reduced demand growth estimates for 2025 and 2026 by about 100,000 barrels per day. That is, an increase in demand reduction of 1.3 million barrels per day - or about 1% - each year is projected.

Announcing the increase in excise duty on petrol and diesel, Union Petroleum Minister Hardeep Singh Puri said during a press conference on April 7 that oil companies kept 45 days of stock, which cost them $ 75 per barrel. He said that when its price comes down to $ 60 to $ 65 per barrel, oil companies will have the option to reduce the prices of petrol and diesel.