The movement of oil tankers had stopped since the beginning of the Iran-US war. Oil tankers of many countries were stuck in the sea for more than 3 months, due to which the rates of crude oil increased rapidly. This also affected the prices of petrol and diesel. An increase in the prices of petrol and diesel is being seen in many countries of the world including India. In such a situation, after the news of the agreement between Iran and America, these countries definitely heaved a sigh of relief.
In the international market, the price of Brent Crude Oil has fallen to around $77.54 per barrel. Some time ago it had reached around $109 per barrel, but it has come down drastically due to peace talks and expectations of reducing tension.
Australian investment firm UBS estimates that due to the closure of the Strait of Hormuz, the supply of about 20.5 million barrels of oil in the country was stopped every day. In such a situation, the fear of petrol-diesel crisis had increased in the country. However, the government maintained supplies through alternative methods. In such a situation, prices increased, but the kind of crisis that was feared did not occur.
These are also the reasons behind the decline in petrol and diesel
1Apart from the Iran-America deal, fuel prices in Australia also decreased due to reduction in excise duty.
2.Even in America, the average price of gasoline has fallen slightly below $4 per gallon.
3.Due to fall in crude oil, fuel prices in Hungary may fall by 10-15 forints per liter.
Petrol and diesel rates reduced so much in Australia
After the Iran-US war, petrol prices in Australia increased to 260 cents per liter in March. But now it has come down to 170 cents per liter. However, diesel prices still remain around 200 cents per liter. This is also because according to the Australian government, the stock of diesel is less compared to petrol. However, the rate of diesel here is also lower than in February.
The reduction in fuel tax by 32 cents by the government is also being cited as one of the reasons behind the decline in petrol prices in Australia. However, this reduction in excise duty will end on June 30. But before that the Australian government has announced that they will reduce the excise duty by 16 cents for one more month from July.
Gasoline price in US $3.999 per gallon
On the other hand, the average price of gasoline in America became slightly less than $4 per gallon. According to motor club AAA, the current national average price of a gallon of regular gasoline is $3.999. For the first time in months, prices have fallen so low. However, Americans are still spending $1 more than they were when the US-Iran war began in February. At the same time, the national average retail price of diesel in America is estimated at $5.06 per gallon.
Petrol and diesel rates reduced in China also
The Chinese government has also reduced domestic retail petrol and diesel prices in view of the fluctuations in international crude oil prices. There, recently the price of petrol was reduced by 525 yuan per ton. At the same time, the price of diesel was reduced by 505 yuan per ton. It is believed that in the coming days, the prices of petrol and diesel will reduce further in China.
Hungarian Prime Minister announced to reduce oil prices
Amidst all this, Hungarian Prime Minister Peter Magyar has announced to reduce fuel prices. He decided to gradually remove the cap on fuel prices, which former Prime Minister Viktor Orban had imposed in March amid rising crude oil prices. This decision was taken before the parliamentary elections held in April, in which Orbán lost. However, Prime Minister Peter Magyar has not asked when the cap on fuel prices will end.
Oil prices may reduce by this much per liter in Hungary
According to experts, from this week fuel prices at filling stations in Hungary may drop by 10-15 forints per liter from the prescribed limit. Currently, the price of petrol here is 595 forints ($1.95) per liter and the price of diesel is 615 forints per liter. There may be a big decline in these in the coming days. Prime Minister Peter Magyar has also given a hint regarding this.
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