Bothered by High Petrol/ Diesel Prices?: Price Reduction Might be Next on List!
According to a positive report by ANI, there is some positive news in the oil market! Oil Marketing Companies or OMCs are likely to reduce the price of commercial oils like petrol and diesel which are generally used as fuels.
Reasons for The Expected Price Reduction of Oils
The price reduction by Oil Marketing Companies comes at a time when their financial stability has regained its position. COVID-19 caused industries all over the world to go through a phase of recession. Now that the situation has normalized, Oil Marketing Companies have revived their position by coping with their prior losses. Therefore, price reduction of oils might now be the most probable consequence.
It has been reported that, “Oil Marketing Companies have good quarterly results and they are going for another good quarterly results. So, expecting Oil Marketing Companies' to cut down the diesel petrol prices as they have no under-recoveries on diesel and petrol.”
Lead in Price Reduction Move Taken by Saudi Arabia
The middle eastern country of Saudi Arabia is the world’s leading exporter of oils. Saudi Arabia has considered oil price reduction beginning from July, 2023. A source reported, “There is no shortage of crude oil supply in the market. Producers' decision to take further production cuts is expected to have no impact.”
The Way Ahead
The transition from usage of petrol and diesel to green fuels is being considered seriously by the OPEC (Organization of the Petroleum Exporting Countries). This is an imperative for developing a sustainable future. Automobile companies have also complemented the progress by introducing more sophisticated engine technologies which will contribute to the cause of OPEC.
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