In the past 8 business days, the cost of crude oil has been less than $80 per barrel. According to Investing.com, the average price of crude oil has stayed below $80 per barrel for the past month. Although there’s been a slight increase of about $2 per barrel recently, experts don’t expect a big rise in the upcoming days. Analysts suggest that the demand for crude oil is quite low. There’s also a noticeable growth in inventories in the United States. Even with OPEC deciding to extend production cuts until March, it’s unlikely that prices will shoot up.
It is anticipated that the price of crude oil may stay below an average of $80 per barrel in the month of December. If this happens, it could be good news for India. Petroleum companies would have the opportunity to reduce fuel prices. There is hope that a reduction in the prices of petrol and diesel might be observed from January. Let’s take a look at the current prices of petrol and diesel and also find out the current international market rates for crude oil.
Crude oil prices in the international market are currently around $76 per barrel. According to data, the prices of Brent crude oil have been below $80 per barrel for the past 8 business days. At present, oil from Gulf countries is trading at $76.05 per barrel, showing a modest increase of 0.53% in recent times. Over the last four days, there has been an observed rise of approximately two dollars per barrel in crude oil prices.
On the other hand, the prices of American crude oil have also been below $75 per barrel for the past 8 business days. Interestingly, over the last month, the average price of American oil (WTI) has stayed below $75 per barrel. Currently, the prices of American oil show a slight increase of 0.31%, trading at $71.45 per barrel.
While, there hasn’t been any change in the prices of petrol and diesel in India. The last change in the prices of petrol and diesel in major cities was observed on May 21. At that time, the country’s Finance Minister, Nirmala Sitharaman, had reduced taxes on petrol and diesel. Subsequently, some states attempted to impact prices by either decreasing or increasing VAT. Interestingly, since the introduction of daily fluctuations in the prices of petrol and diesel in the country based on international market rates, this is the first instance where petroleum companies have not made any changes during a record timeline.
Also Read: SC To Pronounce Verdict On Abrogation Of Article 370 Today
Here are the prices of petrol and diesel in some major cities across the country:
- New Delhi: Petrol Rate: INR 96.72 per liter, Diesel Rate: INR 89.62 per liter
- Kolkata: Petrol Rate: INR 106.03 per liter, Diesel Rate: INR 92.76 per liter
- Mumbai: Petrol Rate: INR 106.31 per liter, Diesel Rate: INR 94.27 per liter
- Chennai: Petrol Rate: INR 102.63 per liter, Diesel Rate: INR 94.24 per liter
- Bangalore: Petrol Rate: INR 101.94 per liter, Diesel Rate: INR 87.89 per liter
- Chandigarh: Petrol Rate: INR 96.20 per liter, Diesel Rate: INR 84.26 per liter
- Gurugram: Petrol Rate: INR 97.18 per liter, Diesel Rate: INR 90.05 per liter
- Lucknow: Petrol Rate: INR 96.57 per liter, Diesel Rate: INR 89.76 per liter
- Noida: Petrol Rate: INR 96.79 per liter, Diesel Rate: INR 89.96 per liter
