New Delhi: Crude oil was seen surging beyond its six-month low in the global market on Wednesday. However, the retail price of petrol in the domestic market remains unchanged.

Decrease in crude oil prices

Crude oil has reached a level of up to $ 120 in the last four months. However, it has been seeing a steady decrease for some time. On Tuesday, it experienced a dramatic decline and dropped to its lowest point in the last six months.

Oil firms have not slashed fuel prices

However, public oil marketing organizations have not altered the prices of petrol and diesel beyond these variations despite daily revisions in the Indian market. The pricing have remained constant till today.

Price reduction result of tax cuts

Petroleum firms have not provided a fresh update for the 6 AM revision since April 6, 2022. Meanwhile, fuel prices have decreased slightly as a result of the tax cuts imposed by the central and state governments.

If we talk about crude oil today, the rebound was evident today after the price of oil fell by 3% on Tuesday, causing it to reach a six-month low. At $92.47 per barrel, Brent crude futures were trading up 0.1%. US WTI was up 0.3% at $86.80 per barrel at the same time.

Per barrel rates 

If we look at the fuel prices in the market, due to weak demand, traders had to reduce the size of their positions, due to which crude oil prices fell by 3.71 per cent to Rs 7,086 per barrel in futures trade on Tuesday.

Fuel prices in different cities