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No Relief on Petrol Prices Despite Fall in International Oil Prices

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Petrol prices across India were up by 15 paise per litre at Rs 78.27 per litre in Delhi, Rs 80.91 per litre in Kolkata, Rs 86.08 per litre in Mumbai and Rs 81.26 per litre in Chennai.

On the other hand, diesel prices were up by 11 paise per litre on an average at Rs 69.17 per litre in Delhi, Rs 71.72 per litre in Kolkata, Rs 73.64 per litre in Mumbai and Rs 73.03 per litre in Chennai.

No Relief on Petrol Prices Despite Fall in International Oil Prices
 

The rise was despite the decrease in international crude oil prices after three major producers Russia, the United States, and Saudi Arabia said that they would increase their output amid global concerns over supply and persistent demand.

Brent crude was at $75.08 per barrel at 10:37 am down by $1.30 from its Friday close of $76.38 per barrel and $5.16 from its high on $80.24 on 17 May as per data on cnbc.com.

US West Texas Intermediate (WTI), another international crude oil benchmark was at $66.21 at 10.45 am down by $1.29 from Friday's close of Rs 67.50 per barrel.

In 2017, the Organization of the Petroleum Exporting Countries (OPEC) and Russia had decided to limit their production to stabilize the rates and market, when oil prices hit as low as $30 per barrel in 2016.

The fuel price hike can no more be blamed on crude oil prices. State and Centra taxes in India form a major part of the final retail price we pay as consumers. Though the daily revision hike has come down marginally from over 30 paise per litre last week to 15 paise, we are yet to experience an ease in rates from the decline in oil prices globally.

Read more about: petrol diesel
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