India bought crude oil at the lowest rate in 17 months, Crude oil was bought last month at the rate of $ 74.98

Indian oil companies procured crude oil from the international market in the month of May 2023 at an average rate of $74.98 per barrel. This price is the cheapest after the December 2021 average crude price of $ 73.3 per barrel.
That is, crude oil has been procured at the cheapest price in the last 17 months. Still, the companies are not giving any relief in the retail prices of petrol and diesel. However, on Thursday, government oil companies decided to cut the price of commercial LPG cylinders (19 kg) by Rs 83.5 and the price of ATF used in airplanes by 07 percent.
Commercial LPG cylinder has become Rs 1773 in the National Capital Region. With this decision, the restaurant and hotel operators will get some benefit and the cost of aviation companies will also be reduced. It is believed that sooner or later there will be some relief in domestic gas and petrol diesel.
The country's government oil companies have not made any change in the prices of petrol and diesel in the domestic market since April 06, 2022. After this, on May 21, 2022, however, excise duty was cut by the Central Government.
In May 2023, India purchased crude at an average rate of $ 109.51 per barrel. In June 2022, this price was $ 116.01 per barrel. After that, it decreased continuously. The December 2022 price was $78.1. $82.76 in April 2023 and $74.98 in May 2023.
On Tuesday itself, Petroleum and Natural Gas Minister Hardeep Singh Puri said in a seminar that there has been a lot of upheaval in energy prices all over the world but in India, the prices have not been allowed to increase after April 2022. He also targeted the opposition-ruled states that if they cut local charges, then petrol and diesel can be given to the general public at a cheaper rate.
Petroleum sector experts say that it is an election year and whatever decision will be taken on the retail prices of petrol and diesel will be at the political level. Elections are to be held in big states like Rajasthan, Madhya Pradesh, and Chhattisgarh in November 2023 followed by general elections in April-May, 2024.
Most international agencies estimate that the price of crude oil may remain around $75-85 per barrel for a few more months. Nevertheless, uncertainty is one of the reasons why there may not be a consensus on the change in retail prices.
The government also would not want the prices to be reduced once and then a situation arises to increase them after a few months around the elections. Yes, if the price of crude remains at the current level for the next few months, then before the elections, the public can definitely expect relief in the prices of petrol and diesel.