Petrol And Diesel Price Today: Why is petrol not getting cheaper? Understand the whole game here - Newztezz Online

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Saturday, January 27, 2024

Petrol And Diesel Price Today: Why is petrol not getting cheaper? Understand the whole game here


On Friday, Brent crude futures closed at $ 83.55 per barrel, up $ 1.12 or 1.4 percent, the highest level since November 30. U.S. West Texas Intermediate crude rose 65 cents, or 0.8 percent, to $78.01 a barrel, its highest level since November.

The prices of petrol and diesel are decided on the prices of crude oil in the international market. At present the price of crude oil has crossed $ 83 per barrel. If we talk about the last one week, there has been an increase of 6 percent in the price of crude oil. There has been an increase in the price of crude oil for the second consecutive week. The special thing is that after January 2, there has been an increase of more than 10 percent in the price of crude oil.

For this reason, there is no change in the price of crude oil in India. The government believes that at present there is a lot of instability in the crude oil market. Apart from geopolitical tension, crude oil prices have increased due to strong economic data from America and increasing demand from China.

On the other hand, OPEC has already reduced production. There has been a significant reduction in production in America due to cold. This is the reason why the price of crude oil is increasing and it has become a compulsion to freeze the prices of petrol and diesel in India.

Crude oil price rises

Oil prices increased for the second consecutive week and reached their highest in almost two months on Friday. The main reason for this is America's strong economic data and increase in Chinese demand. On the other hand, crude oil prices have also received support due to Middle East supply tension.

On Friday, Brent crude futures closed at $ 83.55 per barrel, up $ 1.12 or 1.4 percent, the highest level since November 30. US West Texas Intermediate crude rose 65 cents, or 0.8 percent, to $78.01 a barrel, its highest level since November.

This week, both Gulf and American oil have seen a rise of more than 6 percent. Which is the highest since the week ending October 13 since the beginning of the Israel-Hamas conflict in Gaza. The special thing is that in January itself an increase of 10 percent has been seen in the price of crude oil. On January 2, the price of crude oil was at $75 per barrel.

Since when are the prices of petrol and diesel frozen?

On the other hand, there has been no change in the prices of petrol and diesel in India. The last change in the prices of petrol and diesel in the metropolitan cities of the country was seen on May 21, 2022. At that time, the country's Finance Minister Nirmala Sitharaman had reduced the tax on the price of petrol and diesel. After that some states tried to influence prices by reducing or increasing VAT. The interesting thing is that ever since the prices of petrol and diesel started changing daily in the country as per the international market, this is the first time that petroleum companies have not made any changes during the record timeline.

Price of petrol and diesel in major cities of the country

New Delhi: Petrol rate: Rs 96.72 per liter, Diesel rate: Rs 89.62 per liter

Kolkata: Petrol rate: Rs 106.03 per liter, Diesel rate: Rs 92.76 per liter

Mumbai: Petrol rate: Rs 106.31 per liter, Diesel rate: Rs 94.27 per liter

Chennai: Petrol rate: Rs 102.63 per liter, Diesel rate: Rs 94.24 per liter

Bengaluru: Petrol rate: Rs 101.94 per liter, Diesel rate: Rs 87.89 per liter

Chandigarh: Petrol rate: Rs 96.20 per liter, Diesel rate: Rs 84.26 per liter

Gurugram: Petrol rate: Rs 97.18 per liter, Diesel rate: Rs 90.05 per liter

Lucknow: Petrol rate: Rs 96.57 per liter, Diesel rate: Rs 89.76 per liter

Noida: Petrol rate: Rs 96.79 per liter, Diesel rate: Rs 89.96 per liter

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