 "Representation image.")
After the new GST reforms, India will witness a boom in the oil sector, cutting down the prices and sharply curbing inflation. Indians could be in relief in the energy sector from next year, with the prices of crude oil declining sharply.
The US Energy Information Administration (EIA), Brent crude, the international benchmark is expected to average $52 per barrel in 2026, down from around $66 currently. This marks a steep fall from the average price of $71 in 2025 and $80 in 2024. This will be a significant step for the industrialists and power generation.
According to the above forecast, Brent has seen such a downfall for the third time since 2004, the last two being in 2015 and 2020. Important financial houses like Goldman Sachs predict Brent at $56 while JP Morgan pegs it slightly higher at $58 in 2026.
The Indian government will witness a major comeback and will see fiscal advantage if the drop in the prize will be seen. It will help reduce pump prices and benefit the consumers to allow state run oil companies.
India has been an oil-importing economy, where energy costs remain high and heavily influence fiscal stability. This will result in economic fortune, ensuring growth and stability. It will boost the capital expenditure and industrial growth, boosting transportation facilities.
The petrol and diesel prices have skyrocketed in the past few years, following in Delhi petrol retails at Rs 94.77 per litre, which is a significant increase from Rs 71.41 in May 2014. From past years it has been found that the price of crude has been frozen, the decline in prices will benefit the citizens on a wider scale bringing economic upsurge.