The profit of the country’s oil companies has increased by 15 rupees per liter on petrol since March. It has increased by 12 rupees on diesel. During this period, crude oil fell from 84 dollars per barrel to below 72 dollars on Friday. On this basis, people can get a benefit of three rupees per liter. Despite this, customers have not got any relief.
Crude oil reached 71.31 dollars per barrel on Friday. Due to continuous fall in prices, the government can save Rs 60,000 crore in the form of import bill in the current financial year. But customers are not getting any benefit from this. ICRA report says that if oil marketing companies want, they can give profit, but they have kept the oil prices stable for a long time.
Profit of domestic companies can increase further
The report of Investment Information and Credit Rating Agency i.e. ICRA says that the price of crude oil has decreased by 12 percent since March. Many reports believe that Saudi Arabia is preparing to abandon its price target of $ 100 per barrel for crude oil to increase production. This is expected to lead to further decline in prices in the coming time, which may further increase the profits of domestic companies.
Annual savings of Rs 13,000 crore
Every one dollar per barrel drop in crude oil prices results in annual savings of about Rs 13,000 crore on India’s import bill. The Economic Survey 2024 has estimated the average price of crude oil to be $ 84 per barrel this fiscal year. However, now it is between $ 70 and $ 75 per barrel. Experts believe that if prices stabilize in this range, India will save enough on crude oil imports for the rest of this financial year. This will also reduce inflation. Also, more investment will also be possible.
Three oil companies earned a profit of 81,000 crores
The three major oil companies Bharat Petroleum, Hindustan Petroleum and Indian Oil have earned a total profit of Rs 81,000 crore in the financial year 2023-24. In this, the profit of Indian Oil has been Rs 39,619 crore. Bharat Petroleum’s profit has been Rs 26,673 crore. Hindustan Petroleum has earned Rs 14,694 crore.
