Oil and diesel prices have stabilized as global oil prices have weakened. Check out the latest rates

World crude oil prices are weak, but oil prices have not changed since Wednesday. Oil prices at state-run oil companies (OMCs) remain unchanged for 25 days.

Global oil prices have been rising for more than a week due to concerns around the CV-19 issue around the world. Due to emerging issues, major oil producers are worried that demand may be high.

While rising global demand has reduced the price of crude oil, domestic oil prices have not changed. Following the fall in international oil prices, state-owned oil companies were expected to lower oil prices.

OMCs seem to want to make sure there is no fluctuations in international prices in terms of high volatility. As a result, oil and gas prices have not changed. A liter of gasoline in Delhi sells for 101.84 rubles and Mumbai 108 rubles. In Chennai and Kolkata, it costs more than 102 rubles.

Explained | How oil prices are recorded make life difficult for Indians

There are at least 25-30 cities with petrol prices.

Diesel prices have also been raised. It sells for 89.87 rubles per liter in the national capital and more than 97 rubles in Mumbai. In most of the country’s major cities, diesel prices are over 90 rubles per liter.

An economy that hurts rising oil prices

As the economy recovers, citizens and businesses will feel overwhelmed by rising oil prices. Experts are worried that inflation will increase as a result.

Although there has been a resurgence of demand after the second wave, it could lead to an earlier filling due to rising commodity prices. It can be noted that high prices of gasoline and diesel have a recurring effect on the prices of many goods and services.

As the second wave of CVV ​​decreases, it can increase the customer experience. Despite the economic consequences of high oil prices, the government has not yet taken steps to reduce oil prices.

The government has made it clear that it cannot afford to deduct excise taxes on gasoline and diesel. Outbreaks appear to be exacerbated by 2020, after the epidemic wiped out other sources of income. It is worth noting that India has the highest taxes on petrol and diesel.

Even state governments have decided not to reduce the value added tax on fuel, citing the current economic situation.

In such a case, the price of oil can fall only if the price of crude oil falls. Given some shortcomings in international rates, OMCs do not appear to be in a hurry to revise domestic gasoline and diesel prices to provide some relief to citizens.

Oil rates in Indian cities

City

PER LITER

Diesel (by Lita)

Delhi

101.84 rubles

89.87 rubles

Mumbai

107.83 rubles

97.45 rubles

Cheney

102.49 rubles

94.39 rubles

Kolkata

102.08 rubles

93.02 rubles

BHOPAL

110.20 rubles

98.67 rubles

Bengalru

105.25 rubles

95.26 rubles

Patana

104.25 rubles

95.57 rubles

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