Heading: Global Crude Oil Market Shows Signs of Stability
The prices of crude oil, which have been surging in the global market in recent days, have seen a slight relief today. At 6 AM, WTI Crude Oil was selling at $84.82 per barrel, while Brent Crude Oil was priced at $89.84 per barrel.
Heading: Impact of Israel-Hamas Conflict on Oil Prices
The ongoing Israel-Hamas conflict has started to affect the oil trade in the Gulf countries. These countries collectively produce about half of the world’s total oil. Nevertheless, there is a slight respite in global crude oil prices after a continuous surge in recent days. WTI Crude Oil was trading at $84.82 per barrel in the early morning, and Brent Crude Oil was priced at $89.84 per barrel.
Heading: Petrol and Diesel Prices in India
In India, oil retailers have made adjustments to petrol and diesel prices today. It is worth noting that as of June 2017, fuel prices used to be revised every 15 days, but now, they are subject to daily revisions. However, there haven’t been any significant changes in fuel prices at the national level today. Nevertheless, several cities have experienced fluctuations in fuel prices.
Heading: City-wise Price Changes
- Delhi: Petrol is priced at Rs 96.72 per liter, while diesel costs Rs 89.76 per liter.
- Mumbai: Petrol is available at Rs 106.31 per liter, and diesel costs Rs 94.27 per liter.
- Chennai: Petrol is priced at Rs 102.74 per liter, while diesel costs Rs 94.33 per liter.
Heading: Price Changes in Other Cities
In other cities:
- Bihar’s capital city, Patna, has seen a 17-paise increase in petrol prices, with diesel prices remaining unchanged at Rs 94.32 per liter.
- West Bengal witnessed a 44-paise increase in petrol prices and a 41-paise increase in diesel prices.
- In Kolkata, petrol is priced at Rs 106.03 per liter, and diesel costs Rs 92.76 per liter.
- Punjab has experienced a 27-paise increase in petrol prices and a 25-paise increase in diesel prices.
- Madhya Pradesh and Himachal Pradesh have seen a 20-paise increase in petrol and diesel prices.
- Jharkhand has witnessed a 22-paise decrease in both petrol and diesel prices.
- Uttar Pradesh has seen petrol and diesel prices decrease by 27 paise.
Heading: How Are Fuel Rates Determined in India
Fuel prices in India are determined by various factors, including:
- International Market Prices: India depends on global market prices for petrol and diesel, even though it does not have a comprehensive distribution network for these fuels. Despite this, India fixes the rates of petrol and diesel ultimately based on the international market prices.
- Taxes and Duties: Taxes and duties imposed by different states and union territories play a significant role in determining petrol and diesel prices. These taxes and duties are subject to change based on various contemporary decisions.
- State Government Contributions: State governments can also include their contributions to controlling petrol and diesel prices. They may impose various local taxes and levies in their respective states.
- Demand for Currency and Supply of Petroleum Products: The balance between the demand for petroleum products and their supply can also influence prices. If demand exceeds supply, prices may rise, whereas if supply surpasses demand, prices may decrease.
- Export and Import Events: Various export and import events can affect petrol and diesel prices.