New Delhi: There is a continuous rise in the prices of crude oil in the international market. Rising military tensions in West Asia and the worsening situation around the Strait of Hormuz have increased concerns in the global energy market. Despite this, there was no major change in the retail prices of petrol and diesel in India on Friday, July 17.
Why are crude oil prices rising?
In the global market, Brent crude strengthened for the fifth consecutive trading session. Investors’ concerns have increased due to the ongoing tension in West Asia and the fear of oil supply being affected. Due to this, Brent crude reached its highest level in almost a month, 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. Demographics
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 an 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.
What are the latest petrol and diesel prices in which cities?
| City | Petrol | Diesel |
|---|---|---|
| New Delhi | Rs 102.12 | Rs 95.20 |
| Mumbai | Rs 111.18 | Rs 97.83 |
| Kolkata | Rs 113.50 | Rs 99.82 |
| Chennai | Rs 108.96 | Rs 100.74 |
| Gurugram | Rs 102.97 | Rs 95.64 |
| Noida | Rs 101.89 | Rs 95.37 |
| Benguluru | Rs 111.68 | Rs 99.56 |
| Chandigarh | Rs 101.54 | Rs 89.47 |
| Jaipur | Rs 113.61 | Rs 98.63 |
| Lucknow | Rs 101.89 | Rs 95.36 |
| Patna | Rs 113.37 | Rs 99.36 |
| Hyderabad | Rs 117.07 | Rs 105.22 |
| Bhubneshwar | Rs 108.97 | Rs 100.68 |
| Thiruvananthapuram | Rs 115.49 | Rs 104.40 |
What advice has been given to Indian sailors?
In view of the increasing security risks in West Asia, the Indian Directorate General of Shipping has advised ship operators and related companies to take extra precautions. Precautionary instructions have also been issued regarding deployment of Indian sailors on ships passing through the Strait of Hormuz. Its objective is to ensure the safety of Indian maritime personnel working in the area.
Can fuel prices increase in the coming days?
At present, there is no change in the prices of petrol and diesel in the country. However, everyone’s attention remains on the movement of crude oil in the global market, the situation in West Asia, and its impact on supply. If the boom in the international market continues for a long time, its impact on fuel prices may also be seen in the coming times.
