Petrol Diesel Price Today: Oil market disappointed by China's slowness, did India benefit from it?

The effect of economic slowdown in China is clearly visible in the oil market of the world. Crude oil prices are falling, that too when Saudi Arabia and Russia have reduced production. Will India get the benefit of this?

China's economic condition is not hidden from anyone. Such economic condition of China was not seen in the last 5 decades. The effect of which has started falling on the world's oil market as well. The world's oil markets, especially the Gulf countries, have become very disappointed and frustrated due to the condition of China and the decreasing demand. The reason is also that even after cutting production from Saudi Arabia and Russia, the prices of crude oil are not increasing.

In the last weeks, it seemed that the prices could go beyond $90, but as soon as China's economic condition came to the fore, speculations started that recession has started in China. In such a world, the demand from China, which is present as the biggest importer of oil, will start decreasing.

If we talk about the present time, due to low demand from China, the price of Gulf oil has reached below $84 and American oil is ready to come down below $80. The question is, will India see its benefits? Will crude oil prices be seen supporting India's economy amidst the conditions of reducing discount from Russia and increasing supply from Gulf countries?

It is a very difficult question, because the people of the country are still not getting the benefit of cheap oil in the circumstances which are being seen in India for the last 12 months. Let's try to understand, after all, what have become the prices of crude oil at present and whether there has been any change in the prices of petrol and diesel in India or not?

Change in crude oil prices

Crude oil prices are falling due to low demand from China. According to data from Bloomberg Commodity, the price of Brent crude oil fell by 0.23 percent to $ 83.84 per barrel. Brent crude oil prices have remained below $85 for almost 8 days. On the other hand, US crude oil prices are trading below $80.35 per barrel with a decline of 0.46 per cent. If experts are to be believed, American oil may soon be seen trading below $80 per barrel.

Petrol and diesel price in india

On the other hand, no change has been seen in the price of petrol and diesel in India. The last change in the price of petrol and diesel in the metros of the country was seen on May 21. At that time, the country's Finance Minister Nirmala Sitharaman had reduced the tax on the price of petrol and diesel. After that some states tried to influence the prices by reducing or increasing VAT. The interesting thing is that ever since the daily change in the price of petrol and diesel started in the country according to the international market, this is the first time since then that petroleum companies have not made any changes during the record timeline.

Petrol and diesel price in major cities of the country

New Delhi: Petrol rate: Rs 96.72 per litre, Diesel rate: Rs 89.62 per liter

Kolkata: Petrol rate: Rs 106.03 per litre, Diesel rate: Rs 92.76 per liter

Mumbai: Petrol rate: Rs 106.31 per litre, Diesel rate: Rs 94.27 per liter

Chennai: Petrol rate: Rs 102.63 per litre, Diesel rate: Rs 94.24 per liter

Bengaluru: Petrol rate: Rs 101.94 per litre, Diesel rate: Rs 87.89 per liter

Chandigarh: Petrol rate: Rs 96.20 per litre, Diesel rate: Rs 84.26 per liter

Gurugram: Petrol rate: Rs 97.18 per litre, Diesel rate: Rs 90.05 per liter

Lucknow: Petrol rate: Rs 96.57 per litre, Diesel rate: Rs 89.76 per liter

Noida: Petrol rate: Rs 96.79 per litre, Diesel rate: Rs 89.96 per liter