By News Desk 
According to Bloomberg report, the July futures price of Brent crude has fallen by 0.61% to $60.69 per barrel. Similarly, US WTI crude is trading at $57.73 per barrel for June delivery. This fall has come due to fears of global economic slowdown and increased supply from Saudi Arabia.
Petrol and diesel may become cheaper by ₹ 10-₹ 12 per liter
Energy experts believe that if the price of crude oil remains at the current level, then the prices of petrol and diesel in India can fall by ₹ 10 to ₹ 12 per liter. However, till now the oil marketing companies have not given any benefit of this to the consumers and have kept the entire profit of the fall in international prices with themselves.
Brent crude may fall to $55
SS Wealthstreet analyst Sugandha Sachdeva says that if global demand remains weak and supply continues to increase, the price of Brent crude may fall to $55 per barrel. This increases the hope of further relief in fuel prices in import-dependent countries like India.
The government is taking advantage of excise duty
On April 8, Indian Oil Corporation (IOC) reduced the base price of petrol by ₹ 2. But the central government increased the excise duty by the same amount, due to which retail prices remained stable. As a result, petrol is still being sold at ₹ 94.77 and diesel at ₹ 87.67 per liter in Delhi.
Why are crude oil prices falling?
There is pressure on crude oil prices due to several global factors:
- Slowdown in the US economy (fall in GDP)
- Trade tension between China and America
- Chances of global recession
- Differences between OPEC+ countries
Oil demand forecast reduced for 2025
Analytics firm Kepler has reduced the global oil demand forecast for 2025 from 8 lakh barrels/day to 6.4 lakh barrels/day. The reason behind this is the falling demand and rising tariffs in India and China.
Stocks decreased in America, OPEC+ countries ready to increase production
According to the US Energy Department, last week, US crude stocks declined by 2.7 million barrels, while analysts had expected an increase of 4.29 lakh barrels. At the same time, a Reuters report said that some countries may propose to increase production in the June meeting of OPEC+.
Will petrol and diesel prices decrease in the coming days?
If Brent crude remains in the range of $55 to $60 per barrel, the pressure on the Indian government and oil companies to provide relief to the public will increase. In such a situation, a reduction in the prices of petrol and diesel is possible in the coming weeks, which can bring great relief to the common consumers.