On the 20th of April 2022, petrol and diesel rates across the country remained steady for the 14th day in a row. Today's petrol price in New Delhi remained Rs 105.41 and diesel price was Rs 96.67. Petrol prices in Mumbai remained steady at Rs 120.51, while diesel prices stayed constant at Rs 104.77. In Kolkata today, petrol costs Rs 115.12 per litre, while diesel costs Rs 99.83 per litre. Petrol prices in Chennai stayed unchanged at Rs 110.85 per litre, while diesel prices remained unchanged at Rs 100.94 per litre.
In Bangalore, the price of petrol has remained constant at Rs 111.09, while the price of diesel has remained constant at Rs 94.79. In Bhubaneswar today, petrol costs Rs 112.50 a litre, while diesel costs Rs 102.24. Petrol prices in Chandigarh remain stable at Rs 104.74, while diesel prices remain stable at Rs 90.83. In Hyderabad today, a litre of petrol retailed Rs 119.49, while a litre of diesel retailed Rs 105.49.
Crude oil prices gained slightly today, with WTI Crude Oil rising 0.26 percent to $102.8 per barrel and Brent Crude Oil rising 0.34 percent to $107.5 per barrel. Yesterday, US crude oil prices fell 5.3 percent to $102.50 per barrel, while Brent crude fell 5.1 percent to $107.38. Oil prices may climb more in the current financial year as the Ukraine war takes a bigger shape day by day, and because India is 80% reliant on imports to cover its oil demands, we may see swings in domestic fuel costs owing to ongoing volatility of crude oil.
On Tuesday, Kotak Securities said in a research report that "Russia-Ukraine fighting has also intensified while lack of efforts to restart negotiations have fueled worries that tensions may not subside soon. Ukrainian President Volodymyr Zelenskiy said Monday that Russian forces had begun the campaign to conquer the Donbas region in Ukraine's east (Bloomberg). While geopolitical tensions have sapped risk sentiment, supply risks relating to Russia have kept a floor to commodities. Market players are trying to assess if EU will actually move towards a ban on Russian crude oil exports. As per forexlive report, French finance minister said embargo on Russian oil is in the works."
Commodities may remain volatile due to the aforementioned geopolitical tensions, but the strong US dollar may keep the commodity prices under pressure.