Petrol-Diesel Price / Crude oil became costlier by 16 percent, did petrol become cheaper in India?

Vikrant Shekhawat : Mar 30, 2024, 08:11 AM
Petrol-Diesel Price: In the last one quarter, the price of crude oil in the international market has increased by about 16 percent. If we talk about India's futures market, the price of crude oil has increased by more than 11 percent. Even after that, there is relief in the prices of petrol and diesel in the country. In the month of March, there was a reduction of Rs 2 per liter in the price of petrol and diesel. According to experts, crude oil prices may reach $95 per barrel in the second quarter of the calendar year.

By then the Lok Sabha elections would also have been completed in India. In such a situation, speculations are being made that there may be an increase in the price of fuel again in June. At present, crude oil of Gulf countries has reached $87 per barrel. In fact, the price of crude oil is increasing due to increase in demand from China, reduction in American rigs, attacks on Russian refineries in Ukraine and supply cut by OPEC Plus.

On the other hand, a reduction in the prices of petrol and diesel was seen in India on March 15. Since then there has been no change in the prices. In such a situation, it is believed that the kind of instability is being seen in the international market. In such a situation, there will be no change in the prices of petrol and diesel. According to the report, due to reduction in the prices of petrol and diesel, the profits of the three government companies of the country may have to suffer a loss of Rs 30 thousand crores in a year. Let us also tell you what the prices of petrol and diesel have become at present.

Crude oil price at $87

At present, the price of crude oil has reached $87 per barrel. According to data, crude oil of Gulf countries has reached $87 per barrel. If we talk about the current year, the price of crude oil has increased by about 13 percent. Whereas an increase of more than 11 percent has been seen in the last one year.

On the other hand, there has also been a rise in the price of American crude oil. At present the price of WTI has come at $ 83.17 per barrel. On March 28, an increase of two and a quarter percent was seen. If we talk about the current year, it has increased by 16 percent.

If we talk about India's futures market i.e. Multi Commodity Exchange, then the price of crude oil is at Rs 6909 per barrel. An increase of 11.45 percent has been seen in the last one year. It has increased by more than 53 percent in the last 3 years. This increase has increased by more than 61 percent in 5 years.

Prices will increase further in June

If experts are to be believed, there will be further increase in the price of crude oil in the month of June. According to estimates, the price of Brent crude oil may reach $ 95 per barrel, the main reason for which is believed to be the expected reduction in demand and Fed policy. The Fed may make its first cut of the year in the month of June. This reduction can be seen by 0.25 percent. Due to which the dollar index will fall and the price of crude oil will increase. On the other hand, there is also an increase in demand from China and America. Due to which the price of crude oil is being predicted to rise. The war between Russia and Ukraine is not over yet. Ukraine's attacks on Russian refineries have led to a decline in production. Whose impact will be more visible.

Petrol and diesel prices freeze

If we talk about India, crude oil prices are seen freezing since mid-March. On the instructions of the Oil Ministry, government petroleum companies had reduced the price of petrol and diesel by Rs 2 per liter. This price cut was seen for about two years. The last time the change in the prices of petrol and diesel in the country was seen in May 2022. Then the Finance Minister of the country had announced to reduce the central tax on the price of petrol and diesel. After that, some states of the country tried to provide relief to the common people by cutting VAT. After that, a freeze in the prices of petrol and diesel was seen in the country.

Price of petrol and diesel in major cities of the country

  • New Delhi: Petrol rate: Rs 94.72 per liter, Diesel rate: Rs 87.62 per liter
  • Kolkata: Petrol rate: Rs 103.94 per liter, Diesel rate: Rs 90.76 per liter
  • Mumbai: Petrol rate: Rs 104.21 per liter, Diesel rate: Rs 92.15 per liter
  • Chennai: Petrol rate: Rs 100.75 per liter, Diesel rate: Rs 92.34 per liter
  • Bengaluru: Petrol rate: Rs 99.84 per liter, Diesel rate: Rs 85.83 per liter.
  • Chandigarh: Petrol rate: Rs 94.24 per liter, Diesel rate: Rs 82.40 per liter
  • Gurugram: Petrol rate: Rs 95.19 per liter, Diesel rate: Rs 88.05 per liter
  • Lucknow: Petrol rate: Rs 94.65 per liter, Diesel rate: Rs 87.76 per liter
  • Noida: Petrol rate: Rs 94.83 per liter, Diesel rate: Rs 87.96 per liter

SUBSCRIBE TO OUR NEWSLETTER