After petrol prices have breached Rs. 100 mark in all the metros across the country, it is expected that after repeated hikes, OMCs shall likely not continue with price hike at the same pace. In the global markets also crude prices retreated lower from multi-year highs as US crude inventories saw a fall after the deadlock in OPEC + meet.
International crude benchmarks soften on collapse of OPEC+ talks
Brent crude traded down by 0.1% at $74.03 a barrel by 0140 GMT. U.S. West Texas Intermediate futures were up 1 cent at $72.95 a barrel. This is a nearly 3% loss for both the oil benchmarks as there is a worry surfacing that without any deal reached in the OPEC+ meet there could be a rise in crude supplies.
Now oil marketing companies in India shall be watchful of the movement of oil price internationally before taking any price revision call. Notably, after two straight days of fuel price hike, fuel prices have been left unchanged today.
It is to be noted that since May 1, petrol price have moved from Rs. 90.4 to Rs. 100.56 per litre in the National Capital. Likewise has also rallied by close to Rs. 9 per litre in two months to scale to Rs. 89.62.
Now as household budgets have come to a toss due to record high fuel prices, state oil retailers who have been following dynamic pricing model may now cut down on fuel prices to offer relief to customers.