Fuel Prices: As Global Crude Oil Rates Spike, How Long Will India Avoid A Hike?

by GoNews Desk 3 months ago Views 1606

Fuel Prices: As Global Crude Oil Rates Spike, How
Following the rise in the price of crude oil on the world market, it is expected that petrol and diesel prices will rise in the country. The 12-day conflict between Russia and Ukraine is to responsible for the rise in oil prices. The price of crude oil has risen by $ 34 since Russia's invasion of Ukraine.

Oil prices in the worldwide market reached $ 126 a barrel on Monday. It is expected that prices would rise more in the coming days, which will have a direct impact on petrol and diesel prices in India.


Due to the assembly elections in five states, it is thought that oil companies did not raise the price of petrol and diesel. Four state elections are concluded, while the final phase of Uttar Pradesh polls is underway. Following that, businesses can implement their new prices.

If we look at the numbers, we can see that Indians are still paying high costs for petrol and diesel, even though oil corporations have yet to alter their prices.

For instance, in 2008, when the global price of petroleum was $ 135 a barrel, a litre of fuel cost Rs 45.56 in Delhi and Rs 50.54 in Mumbai. Diesel was 31.8 rupees per litre in Delhi and 36.12 rupees per litre in Mumbai at the same time.

                  

Even if the worldwide price of crude oil is lower than it was in 2008, Indians are paying greater rates for petrol and diesel. For example, the price of oil on the world market is $ 125 a barrel due to the Russia-Ukraine war, while petrol and diesel in India are sold at exorbitant costs.

On March 7, petrol costs Rs 95.41 per litre in Delhi and Rs 109.98 per litre in Mumbai. At the same time, one litre of fuel in Delhi costs Rs 86.67, while diesel in Mumbai costs Rs 94.14.

The rupee was trading at 76.92 per dollar on Monday morning, down over 1% from its previous low of 76.96. This is the lowest figure ever. The currency fell to 76.17 per dollar on Friday, its lowest level since December 15, 2021.

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