ప్రపంచంలో చమురు ధరలు బాగా తగ్గాయి, మనకు పెట్రోల్ ధర ఎందుకు తగ్గలేదు?||Why consumer not benefited?||
India’s import dependency on crude oil in FY20 (April 2019 to January 2020) has shot up to 84.9%, as against 83.6% during the same period in FY19.
Between April 2019 and January 2020, India had imported around 188.4 million tonnes of crude oil and paid $87.7 billion for it. The price of the Indian basket of crude oil has averaged at $64 per barrel during the period. As of 6 March, the price of the Indian basket of crude oil was quoting at $47.92 per barrel. By 10 March, it had fallen to $34.52 per barrel, a fall of 28% in a matter of days. As a result, there are bound to be savings on this front, at least in the short term.
Another point that needs to be remembered here is that crude oil is bought and sold internationally in dollars. When an Indian company imports oil, it needs to pay for it in dollars. This pushes the demand for dollar vis-à-vis the rupee. With oil prices falling, the dollar demand for oil imports is going to come down and this should act in India’s favour at a time when there is tremendous downward pressure on the rupee.
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ప్రపంచంలో చమురు ధరలు బాగా తగ్గాయి, మనకు పెట్రోల్ ధర ఎందుకు తగ్గలేదు?||Why consumer not benefited?|| India’s import dependency on crude oil in FY20 (April 2019 to January 2020) has shot up to 84.9%, as against 83.6% during the same period in FY19. Between April 2019 and January 2020, India had imported around 188.4 million tonnes of crude oil and paid $87.7 billion for it. The price of the Indian basket of crude oil has averaged at $64 per barrel during the period. As of 6 March, the price of the Indian basket of crude oil was quoting at $47.92 per barrel. By 10 March, it had fallen to $34.52 per barrel, a fall of 28% in a matter of days. As a result, there are bound to be savings on this front, at least in the short term. Another point that needs to be remembered here is that crude oil is bought and sold internationally in dollars. When an Indian company imports oil, it needs to pay for it in dollars. This pushes the demand for dollar vis-à-vis the rupee. With oil prices falling, the dollar demand for oil imports is going to come down and this should act in India’s favour at a time when there is tremendous downward pressure on the rupee.