Crude oil prices, which reached a record high during the US-Iran war, have now fallen to their lowest level in 6 months. Indian Basket crude oil has reached $68.69/barrel. This is about 56% less than the peak of $157 made during the war. Despite this, the common man has not got any relief in the retail prices of petrol and diesel. According to DAM Capital, at the current price, oil companies are earning margins of up to Rs 10.5 per liter on petrol and Rs 11 on diesel. Crude oil prices have been below $87 since June 1. At this rate, oil companies break even i.e. neither in profit nor in loss. That means the companies have been profitable for the entire 36 days. After the first ceasefire between Iran and America on April 8, crude oil prices remained below $115. Be it crude at $75 or $120, the price of petrol was one to one and in 2018, the price of crude oil was $80.08/barrel. Then petrol in Delhi was Rs 72.15 and diesel Rs 70.21 per liter. In 2020, crude oil became $43.41/barrel. But petrol remained at Rs 68.20/litre. Crude oil prices will reach $119/barrel in 2022. Then petrol became Rs 96.72/litre and diesel Rs 89.62/litre. Crude oil prices reached $75 in January 2023. But the prices remained the same. Oil companies argued that old losses are now being compensated. Oil companies also benefited in the fourth quarter. Even during the days of the fastest increase in crude oil, the results of the fourth quarter (January to March 2026) of oil companies did not come negative. The profit of the country’s four big oil companies was 22% higher compared to the fourth quarter of 2024-25 last year. The hottest 33 days of the war were included in this quarter. During this period, the price of crude oil in the Indian basket had reached $157/barrel. The average price of crude oil in March was $125.7/barrel. On July 1, Naira had made petrol cheaper by ₹ 5 and diesel by ₹ 3. On July 1, the country’s largest private fuel retailer company Naira Energy had reduced the price of petrol by Rs 5 per liter and diesel by Rs 3 per liter. Now in Bhopal, the price of Naira petrol has come down from Rs 119.79 to Rs 114.79 and diesel has come down from Rs 102.57 to Rs 99.57. Even then the government oil companies Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL) had not made any change in the prices. Government companies had increased the prices in May. After increasing the prices of private companies, government oil companies had also increased the prices. In May, IOC, BPCL and HPCL had increased the prices of both petrol and diesel in installments by a total of ₹7.50-₹7.50 per liter citing expensive international crude. These three government companies control more than 90% of the more than 1 lakh petrol pumps in the country.
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Oil companies are earning profit up to ₹ 11 per liter on petrol and diesel: But there is no relief for the common people, crude oil is at the lowest level in 6 months.
