Bengaluru: The central government is ready to give good news to motorists. It is being said that petrol and diesel prices may come down in the future. What is especially surprising is that compared to the current prices, it is being said that petrol and diesel prices may come down by half.
India imports about 85 percent of the crude oil required for the production of petrol, diesel and other fuels.
Once upon a time, a liter of petrol was available for just Rs 60, but now one has to pay more than Rs 100 per liter. Therefore, reducing fuel prices is inevitable. If the prediction made by financial services provider JP Morgan comes true, the price of petrol and diesel can be reduced by half. That is why the people of the country have drawn attention to this prediction of JP Morgan.
According to JP Morgan, the price of Brent crude oil may fall to $30 by 2027. The price of Brent crude oil may fall in the next three years due to an increase in supply relative to demand. In the future, other countries, including OPEC+ countries, are likely to significantly increase crude oil production. Due to the increase in production, the amount of crude oil available in the market will increase. As a result, the price of crude oil will decrease.
India imports about 85 percent of the crude oil required for the production of petrol, diesel and other fuels. Due to the decline in global crude oil prices, oil companies will be able to reduce petrol and diesel prices as crude oil is available at cheaper prices for fuel manufacturing companies in India. That is why there is a possibility of a decrease in petrol and diesel prices in the future.
According to JP Morgan's estimates, the price of Brent crude oil may fall to $30 by 2027. The current price is $60 per barrel. So, what exactly will happen in the future? It remains to be seen.