There was a decline of more than 5 percent in the price of crude oil in the international market on Wednesday. Due to which the prices of Brent crude oil and WTI have decreased by more than $5 per barrel. According to data, when the market closed on Wednesday, oil from Gulf countries was less than $86 per barrel. On the other hand, the price of WTI i.e. American oil fell below $ 85 per barrel. According to experts, there is talk of Russia lifting the ban on diesel in the coming days. On the other hand, crude oil prices have seen a decline after US government data indicated weak demand for gasoline.
If we look at the data of crude oil prices, this is one of the biggest decline in the price of crude oil within a day this year. However, the production cut by Saudi Arabia and Russia will continue till December. But due to low demand, there has been a decline in the prices of crude oil. Now gradually hopes are rising that there may be a big decline in the prices of petrol and diesel in the coming days. Recently, India's Petroleum Minister Hardeep Singh Puri spoke to the General Secretary of OPEC and had an in-depth discussion regarding crude oil prices. Hardeep Singh Puri had said on his social media app that OPEC members should show sensitivity towards those countries which are dependent on imports.
India imports 85 percent of its crude oil requirement. In which 61 percent participation is from OPEC countries. India has not made any change in the prices of petrol and diesel since May 22. Assembly elections are going to be held in five states in the country. The government has reduced the price of domestic gas cylinders within about 40 days. Especially the price of gas cylinder available under Ujjwala scheme has been reduced by Rs 500. In which there is a subsidy of Rs 300. In such a situation, common people are hopeful that soon the prices of petrol and diesel may also fall.
Crude oil prices crashed
Brent crude oil futures of Gulf countries fell by $ 5.11 or 5.6 percent on Wednesday and closed at $ 85.81 per barrel. By the way, on Thursday morning the price of Brent is trading at $ 86.02 per barrel. On the other hand, US oil US West Texas Intermediate Crude (WTI) fell $ 5.01 or 5.6 percent to $ 84.22. It is trading at $84.34 per barrel on Thursday morning. Earlier, there were speculations that the price of crude oil would reach $100 per barrel. Crude oil prices came down due to demand for gasoline. However, the production cut is still going on and will continue till December.
Petrol and diesel price in India
On the other hand, there has been no change in the prices of petrol and diesel in India. The last change in the prices of petrol and diesel in the metropolitan cities 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 prices by reducing or increasing VAT. The interesting thing is that ever since the prices of petrol and diesel started changing daily in the country as per the international market, this is the first time that petroleum companies have not made any changes during the record timeline.
Price of petrol and diesel in major cities of the country
New Delhi: Petrol rate: Rs 96.72 per liter, Diesel rate: Rs 89.62 per liter
Kolkata: Petrol rate: Rs 106.03 per liter, Diesel rate: Rs 92.76 per liter
Mumbai: Petrol rate: Rs 106.31 per liter, Diesel rate: Rs 94.27 per liter
Chennai: Petrol rate: Rs 102.63 per liter, Diesel rate: Rs 94.24 per liter
Bengaluru: Petrol rate: Rs 101.94 per liter, Diesel rate: Rs 87.89 per liter
Chandigarh: Petrol rate: Rs 96.20 per liter, Diesel rate: Rs 84.26 per liter
Gurugram: Petrol rate: Rs 97.18 per liter, Diesel rate: Rs 90.05 per liter
Lucknow: Petrol rate: Rs 96.57 per liter, Diesel rate: Rs 89.76 per liter
Noida: Petrol rate: Rs 96.79 per liter, Diesel rate: Rs 89.96 per liter
No comments:
Post a Comment