Petrol, Diesel Rate: Petrol Price Rise High, Know if it’s Prices will Increase

Petrol prices have risen today Prices were stable since last 2 days. Today, the price of diesel has not changed. Here's what further price will increase.
Petrol, Diesel Rate: Petrol Price Rise High, Know if it’s Prices will Increase

Today the price of petrol has risen, while the price of diesel remained steady. After the massive fall in crude oil prices in the international market this week, the fear of inflation in petrol and diesel in India has come down further.

Due to the geopolitical pressure, oil price got huge fluctuations this week. Brent crude price, however, closed almost flat since last week. After the US Ban on Iran, in November, the countries in which the world was allowed to import oil from Iran, the United States has now decided not to give the countries a rebate after two May.

This decision led to a huge surge in oil prices during the week, but due to the indications of the OPEC's counter-offsetting reduction in supply of oil from Iran at the end of the week, oil prices were on Friday Heavy drop came

After the stability of one day, the price of petrol was increased again on Saturday, but the price of diesel remained steady. A day before, the increase in diesel prices was recorded. In Delhi, Kolkata, Mumbai and Chennai, petrol prices have been increased by six paise per liter.

According to IndianOil website, prices of petrol in Delhi, Kolkata, Mumbai, and Chennai increased to Rs 73.08, Rs 75.10, Rs 78.65 and Rs 75.85 per liter, respectively. However, the price of diesel in all four metros was Rs 66.61, Rs 68.35, Rs 69.72 and Rs 70.34 per liter respectively.

Prior to this, seven paise per liter of diesel in Delhi, Kolkata and Mumbai and eight paise per liter in Chennai was increased on Friday. But the price of petrol remained steady.

Anuj Gupta, deputy vice president of energy commodity, Angel Commodity, said that after US intervention of US President Donald Trump, Saudi Arab and UAE Arab captures in OPEC can now increase oil production.

This is the reason that during the last trading session of the week, there was pressure on the price of oil, which was also due to profit booking at higher prices. Gupta said that if further fall in crude oil prices, then the price increase in the price of petrol and diesel will be on pause.

 Brent crude's June contracts on the International Forward Markets Intercontinental Exchange-ICE closed down 3.67 percent on Friday to close at $ 71.62 a barrel against the previous session. Brent crude jumped up to $ 75.60 a barrel this week, which is the highest level since October 2018.

The New York Mercantile Exchange-NYMAX-based American Light Crude West Texas Intermediate-WTI contract closed 3.63 percent down at $ 62.84 a barrel. WTI prices softened after Tuesday's level of $ 66.60 a barrel.

Crude oil on the Indian Forward Markets Multi Commodity Exchange-MCX has dropped about 5%. May contract on MCX crude oil futures fell by Rs 223, i.e. 4.81 percent to Rs 4,414 a barrel.

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