Petrol Price Today / Crude oil became expensive by 3% in 5 days, how much does petrol cost in your city?

Zoom News : Mar 16, 2024, 08:16 AM

Crude Oil Price: A few days ago, the prices of petrol and diesel in the country have decreased by Rs 2 per liter. Some states have also reduced taxes in their cities. Due to which further reduction in prices has been seen. The special thing is that this week there has been an increase of 3 percent in the price of crude oil. On Thursday, crude oil prices had crossed $85 per barrel.

According to statistics, in the current year the prices of crude oil have been seen between 80 to 84 dollars per barrel. However, the effect of the decisions of the US Federal Reserve can also be seen in the prices of crude oil. Recently, inflation figures in America have not been as the Fed had expected. In such a situation, expectations of cut in interest rates have reduced slightly. Due to which a slight reduction in the price of crude oil was also seen on Friday.

On the other hand, in India, after the reduction in the price of petrol and diesel on March 15, there was no change in the price of fuel on March 16. The prices of petrol and diesel in the four metros of the country will remain the same as they were on Friday. The government had announced a reduction in the prices of petrol and diesel after almost two years. Earlier, there was no change in the prices of petrol and diesel from April 2022 by the oil marketing companies.

Whereas the government did not make any tax cut after May 2022. In such a situation, it was expected that before the elections the government might announce a cut in the prices of petrol and diesel. However, experts even say that before the elections, we may see a reduction of Rs 3 to 5 per liter in the price of fuel. Let us also tell you what is the price of petrol and diesel in the international market and what is the price of petrol and diesel in the major cities of the country?

Crude oil prices in international market

Oil prices fell on Friday, a day after rising above $ 85 per barrel for the first time since November. If we talk about the entire week, prices fell by more than 3 percent during the week due to increasing demand from American refiners. An increase was seen. On Friday, the price of crude oil from Gulf countries i.e. Brent crude oil fell by 0.09% and closed at $ 85.34 per barrel. On the other hand, American crude oil i.e. US West Texas Intermediate (WTI) crude fell by 22 cents or 0.27% to $ 81.09.

Price Futures Group analyst Phil Flynn said, the supply for motor fuel is continuously decreasing. There is a danger of prices increasing further. Flynn further said that the inflation rate in America still remains more than 2 percent. Because of which the American Federal Reserve will not be able to cut interest rates. Cutting interest rates is seen as an opportunity to increase demand in America. If there is no cut in interest rates, pressure may be seen in the price of crude oil.

Demand will increase this year

For most of the last month, prices remained ranged between $80 and $84 per barrel. Then on Thursday the International Energy Agency expressed concern over 2024 oil demand for the fourth time since November, saying that Houthi attacks have again disrupted Red Sea shipping. The IEA said in its latest report that world oil demand will increase by 1.3 million bpd in 2024, which is 110,000 bpd more than last month.

A slight reduction in supply has been estimated this year. OPEC+ members, already anticipating a surplus, have continued to cut their production. Prices also were supported by Ukrainian attacks on Russian oil refineries that led to a fire at Rosneft's largest refinery, one of the most serious attacks against Russia's energy sector in recent months.

Petrol and diesel prices did not change

There has been no change in the prices of petrol and diesel in the four metros of the country. On March 16, the same prices will be applicable which were there on March 15 after the deduction of two rupees. Before that, the government had announced a reduction of Rs 2 in the price of petrol and diesel in the country. The special thing is that this cut was made a few days after the statement of the Petroleum Minister in which he had said that the international environment is not good. Logistics and insurance costs have increased due to attacks in the Red Sea. The special thing is that the petroleum companies of the country are still in loss.

If we look at the figures of the first 9 months of the current financial year, the three government oil companies of the country had made a profit of more than Rs 69 thousand crores. Experts believe that this profit can increase from Rs 85 thousand crore to Rs 90 thousand crore in the entire financial year. Till date, government oil companies have never made such a huge profit in any financial year.

Petrol and diesel prices in major cities of the country