Petrol, Diesel Rates On July 24: No Change In Fuel Prices Amid Crude Oil Rally
In Delhi, petrol continues to be priced at Rs 102.12 per litre, while diesel is retailing at Rs 95.20 per litre. In Mumbai, petrol is selling at Rs 111.21 per litre and diesel at Rs 97.83 per litre.
New Delhi: Petrol and diesel prices across India remained unchanged on Friday even as global crude oil prices climbed past the $100 per barrel mark for the first time in two months. Despite this, there was no major change in the retail prices of petrol and diesel in India on Friday.
What are the new rates in metro cities?
Rates of petrol, diesel and CNG remained unchanged on Friday. In Delhi, petrol continues to be priced at Rs 102.12 per litre, while diesel is retailing at Rs 95.20 per litre. In Mumbai, petrol is selling at Rs 111.21 per litre and diesel at Rs 97.83 per litre.
In Kolkata, the price of petrol has been fixed at Rs 113.51 and diesel at Rs 99.82 per litre. Whereas in Chennai, petrol will be sold at Rs 107.76 and diesel at Rs 99.55 per litre.
Why are crude oil prices rising?
Amid escalating geopolitical tensions in West Asia, the global benchmark Brent crude traded around $99.97 a barrel as of 0126 GMT, marking 0.72 per cent retreat. Both benchmarks are trading at six-week highs.
Due to this, Brent crude reached its highest level in almost two months and a significant rise was recorded in it this week. Experts believe that if tension in the region continues for a long time, crude oil prices may go up further in the international market.
Why did the prices of petrol and diesel not increase in India?
Even though oil is becoming expensive in the global market, the retail prices of petrol and diesel in India are currently stable. Fuel prices in the country are decided by government oil marketing companies keeping in mind international prices, taxes and other costs. Therefore, the effect of increase in crude oil prices is not immediately visible on retail prices.
What could be costlier next?
Energy market experts say that if the supply of oil from the Strait of Hormuz remains disrupted for a long time, the cost of fuel may increase worldwide. In such a situation, there will be a possibility of increasing pressure on many countries including India. However, if conditions become normal then there may be relief in prices.
