BAJAJ BROKING
The Petroleum Secretary suggests that petrol and diesel prices in India could be reduced if low global crude oil prices continue. OPEC’s recent forecast cut adds to the market’s cautious outlook.
On September 12, Petroleum Secretary Pankaj Jain indicated that India might see a reduction in petrol and diesel prices if the current trend of low international crude oil prices persists. During an interaction with media, Jain highlighted that oil marketing companies in India would evaluate the situation and consider appropriate actions based on the extended trend of crude oil prices.
Shares of major Indian oil marketing companies—Indian Oil Corporation (IOC), Hindustan Petroleum Corporation Limited (HPCL), and Bharat Petroleum Corporation Limited (BPCL)—experienced modest gains during mid-day trading on September 12. This market response reflects the optimism surrounding potential adjustments in fuel pricing due to current crude oil trends.
Crude oil prices have softened over the past week. As of early September 12 trading, Brent crude futures for November were around $71.61 per barrel, while U.S. crude futures for October stood at $68.23 per barrel. This recent dip in crude oil prices has prompted discussions about the possibility of reducing domestic fuel prices.
Earlier this week, the Organisation of the Petroleum Exporting Countries (OPEC) revised down its forecast for global oil demand growth for 2024. This is the second consecutive reduction in OPEC’s expectations, reflecting concerns about slower-than-expected demand recovery. The downward revision by OPEC adds to the cautious outlook for the oil market and could influence pricing decisions by Indian oil marketing companies.
The Petroleum Secretary also confirmed ongoing discussions between the Oil Ministry and the Finance Ministry regarding the windfall tax on oil companies. The Department of Revenue is expected to make a final decision on this matter. The outcome of these discussions could further impact the pricing and financial strategies of oil marketing companies in India.
As global crude oil prices remain subdued, there is a potential for reductions in petrol and diesel prices in India. The market will closely watch the duration of this trend and any policy decisions resulting from ongoing discussions between government departments.
Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.
This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.
For All Disclaimers Click Here: https://bit.ly/3Tcsfuc
Share this article:
Samvardhana Motherson launches QIP to raise ₹6,398.6 crore
17 Sep, 2024 | 4 Min. read
SEBI implements T+2 bonus share trading from October 1
17 Sep, 2024 | 4 Min. read
Afcons Infrastructure gets SEBI nod for ₹7,000 crore IPO
17 Sep, 2024 | 4 Min. read
FM Sitharaman expects stronger GDP in Q2 and Q3
17 Sep, 2024 | 4 Min. read
Commodities Market Today | WTI crude rises 2.6%, gold steady, silver edges higher
17 Sep, 2024 | 1 Min. read
Share Market Today | Gift Nifty indicates 30-point gap up for Indian markets
17 Sep, 2024 | 4 Min. read
ACME Solar Holdings IPO Date, GMP, Analysis & Price
17 Sep, 2024 | 4 Min. read
Mach Conferences AND Events Limited IPO: Details, Analysis & Insights
17 Sep, 2024 | 4 Min. read
Namo Ewaste Management Ltd IPO Date, GMP, Analysis & Price
17 Sep, 2024 | 4 Min. read
Bajaj Housing Finance Share Price Hits 10% Upper Circuit
17 Sep, 2024 | 4 Min. read
PN Gadgil Shares List with 73% Premium on Listing Day
17 Sep, 2024 | 4 Min. read
SpiceJet Launches QIP at Rs 64.79 to Raise Rs 3,000 Crore
17 Sep, 2024 | 4 Min. read
Analysis to Become a Pro Investor
28 Dec, 2023 | 4 Min. read
Women In Real Estate Investing (Investree)
28 Dec, 2023 | 5 Min. read
How To Check Prudent Corporate Advisory IPO Allotment Status
27 Dec, 2023 | 3 Min. read
How To Boost Credit Score? – Steps to Improve Creditworthiness
27 Dec, 2023 | 4 Min. read
Advantages and Disadvantages of Opening Multiple Demat Accounts
26 Dec, 2023 | 4 Min. read
7th CPC LTC: Leave Travel Concession Rules for Central Government Employees
26 Dec, 2023 | 4 Min. read
7th Pay Commission: House Building Advance (HBA) Interest Rate FY 2023-24
26 Dec, 2023 | 5 Min. read
The Future of Trading: Exploring Bajaj Broking’s Demat Features
26 Dec, 2023 | 6 Min. read
7th Central Pay Commission Cpc Fitment Table
23 Dec, 2023 | 7 Min. read
Level up your stock market experience: Download the Bajaj Broking App for effortless investing and trading