Thursday, February 2, 2023

Petrol and diesel prices may rise in India again


The petrol and diesel prices across India are likely to increase soon with the global crude oil prices rising.

Petrol prices in the Delhi-NCR continues to remain at Rs 81.06/litre. In Mumbai, Chennai and Kolkata, petrol price on Monday was Rs 87.74, Rs 84.14 and Rs 82.59 per litre, respectively. Diesel prices on Monday in Delhi, Mumbai, Chennai and Kolkata were at Rs 70.46, Rs 76.86, Rs 75.95 and Rs 73.99 per litre, respectively.

With no revision on the first day of the week, petrol prices have now remained at the same level for 55 days in a row. On the other hand, diesel prices have been at the same level for 45 days in a row.

Ever since the nes of a successful vaccine against the Corvid-19 virus came last week, the global crude oil price has started showing signs of increasing. The benchmark Brent Crude increased more than $45 per barrel last week, settling a slightly lower at $43.5 per barrel on Monday.

While the oil companies revise petrol and diesel prices based on the global movement of product prices, crude oil price has a bearing on overall price sensitivity of petroleum products across the chain.

The crude oil price has suffered massive drop hitting a record low in the last few months due to the Coronavirus pandemic that led nationwide lockdowns across the world. These lockdowns resulted in the shutdown of factories across different industries and near to halt situations in the transport and mobility sector, hammering the demand massively.

However, with the lockdown eased gradually in several countries across the world, industries started opening up and the transport sector too started reopening. With the gradual restart of activities demand for fuel started growing again, easing the pressure on the oil sector.

Also Read: Energy demand recovery could delay to 2025 due to Covid-19 pandemic: IEA

Team AFT
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