Although world oil prices have fallen, oil and gas prices have not changed

Oil prices have not changed as world oil prices have risen slightly. Oil and diesel prices have not gone up for more than a month.

Global crude oil prices have risen slightly today, with Brent crude oil below $ 70 a barrel. However, when global oil demand is weak, prices may rise soon as major oil suppliers are unable to increase supply at any time.

This is not a good development for India as domestic crude oil prices will not decrease if international crude oil prices remain at their current level.

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A liter of fuel in Delhi sells for 101.84 rubles and a liter in Mumbai for 107 rubles. Prices in Kolkata cost more than 102 rubles per liter, but the state government reduced taxes to 39.47 rubles per liter in Chennai.

There are at least 25 cities in 15 states. Gasoline sells for more than 100 rubles per liter.

Diesel rates are also high throughout the country. A liter of diesel in the national capital costs 89.87 rubles per liter – the lowest in most major cities. In most parts of the country, diesel costs less than 90 rubles.

Will fuel prices go down?

The government’s rejection of excise duty on gasoline and diesel is currently seen as difficult to reduce domestic oil prices.

Finance Minister Nirmala Citramman on Monday said the government could not reduce the excise duty on oil, blaming the previous UPA government for the current prices.

She said the regions and the center should discuss the issue in detail before making any decision.

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Most state governments have also reduced VAT and fuel sales. So, if the government-run oil companies (OMCs) decide to reduce rates as part of a daily review, citizens can expect the only relief.

Given the volatility in the global oil market, the prospect of lower prices on a daily basis seems unlikely at this time. At most, citizens can expect OMCs to rank at the current level.

Oil rates in Indian cities