Business News : The profit of the country's oil companies has increased by Rs 15 per liter on petrol since March. Diesel has increased by Rs 12. During this period, crude oil has come down from $ 84 per barrel to below $ 72 on Friday. On this basis, people can get a profit of Rs 3 per liter. Despite this, customers have not got any relief. Crude oil reached $ 71.31 per barrel on Friday. Due to continuous fall in prices, the government can save Rs 60,000 crore in the form of import bill in the current financial year. But customers are not getting any benefit from this. ICRA report says that if oil marketing companies want, they can give profit, but they have kept the oil prices stable for a long time.
The profit of domestic companies may increase further.
Investment Information and Credit Rating Agency (ICRA) report says that the price of crude oil has fallen by 12 percent since March. Many reports believe that Saudi Arabia is preparing to abandon its price target of $100 per barrel for crude oil to increase production. This is expected to lead to further decline in prices in the coming time, which may further increase the profit of domestic companies.

Annual savings of Rs 13,000 crore
Every one dollar per barrel fall in crude oil prices results in an annual saving of about Rs 13,000 crore on India's import bill. The Economic Survey 2024 has estimated the average price of crude oil to be $ 84 per barrel this fiscal. However, now it is between $ 70 and $ 75 per barrel. Experts believe that if prices stabilize in this range, India will save a lot on crude oil imports in the rest of this financial year. This will also reduce inflation. Also, more investment will be possible.

Three oil companies earned a profit of 81,000 crores
The three major oil companies Bharat Petroleum, Hindustan Petroleum and Indian Oil have earned a total profit of Rs 81,000 crore in the financial year 2023-24. In this, the profit of Indian Oil has been Rs 39,619 crore. Bharat Petroleum's profit has been Rs 26,673 crore. Hindustan Petroleum has earned Rs 14,694 crore.