Petrol, Diesel Rates Static On Aug 21, Crude Internationally Posts Biggest Weekly Losses In 9 Months

Petrol and diesel rates are constant on August 21, 2021 after diesel rates were being slashed for last three consecutive days. In India, since the year 2017, dynamic pricing model is being followed for pricing fuel, wherein previous crude rates in the international market as well as foreign exchange rate are taken into account.

In the international markets, crude is on a sliding journey as rising delta variant cases across the globe and gains in the dollar have weighed on the commodity. On a weekly basis, the commodity posts its biggest loss in 9 months on raging delta variant situation globally. China has strengthened it disinfection strategy at ports, while Australia has ramped up its travel curbs and thus jet fuel demand has also been affected after being up for the most of the summer."It's hard for prices to find support with this kind of uncertainty," said John Kilduff, partner at Again Capital LLP in New York.

On a weekly basis, Brent crude softened by 8% and settled at $65.18 per barrel, WTI in line also registered a fall of 9% for the week to $62.32 per barrel. Last crude oil WTI futures closed lower by 2.6% at $61.86 per barrel.

Here are the fuel rates across 4 metro cities on August 21, 2021

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