The continuation of fall in the prices of petrol and diesel in last six days has stopped on Wednesday. There was no change in the price of oil in different metropolitan cities of the country, including the national capital Delhi. On the other hand, crude oil prices were also recorded in the international market. Market analysts point out that however, due to the increase in oil reserves in the US, the price of crude oil has also recorded a soft trade, but there is still the possibility of rising oil prices. According to IndianOil website, on Wednesday, prices of petrol in Delhi, Kolkata, Mumbai and Chennai remained unchanged at Rs 71.18, 73.25 rupees, 76.79 rupees and 73.88 rupees per liter respectively.
In the four metros, the prices of diesel have also been revised downward to Rs 65.86, Rs 67.61, Rs 69 and Rs 69.61 per liter respectively. In the last six days, the price of petrol in the national capital of Delhi is Rs 1.82, while the price of diesel has fallen 80 paise per liter. Although commodity market experts believe that oil marketing companies have given a lot of relief to the general public by cutting the price of oil, but there is little scope for further relief as benchmark crude oil in the international market, Brent has been running 70 Dollar is made up of barrels.
According to the report of the US Petroleum Institute Tuesday, on May 10, the crude oil reserves in the US increased to 86 million barrels in the past week. Following the report, the crude oil crisis in the international market has subsided on Wednesday, although Brent crude prices still remained above $ 71 a barrel. Brent crude's July contract on international futures market intercontinental exchange, ie ICE, rose 0.25 percent With $ 71.06 per barrel. On the New York Mercantile Tile Exchange, American Light Crude West Texas Intermediate's June contract at NYMX was trading 0.63 percent lower at $ 61.39 a barrel.
The May contract of crude oil on the domestic futures market Multi Commodity Exchange ie MCX was trading at Rs 4,346 per barrel with a fall of 0.80 percent, or 0.80 percent from the previous session.
