New Delhi: The international market witnessed a rise in the prices of crude oil for the third consecutive day, but the retail prices of petrol and diesel in India remain unchanged. Government oil marketing companies (OMCs) have kept fuel prices stable for July 15.
Uncertainty has increased in the global oil market due to increasing tension in West Asia and the latest military developments between America and Iran. Despite this, consumers across the country are currently getting petrol and diesel at old prices.
Why are crude oil prices increasing?
According to market experts, concerns about oil supply have increased due to increasing tension between America and Iran. Due to the deteriorating situation in the Strait of Hormuz, energy supply around the world may be affected. For this reason, the price of Brent crude has increased for the third consecutive day.
Why did the prices of petrol and diesel not change in India?
The prices of petrol and diesel in India are decided by government oil companies. The effect of fluctuations in crude oil prices in the international market is not immediately visible on retail prices. For this reason, despite the rise in the global market, fuel prices in the country remain stable at present.
Petrol and diesel prices in major cities on July 15
New Delhi: Petrol Rs 102.12, Diesel Rs 95.20 per litre
Mumbai: Petrol Rs 111.21, diesel Rs 97.83 per litre
Kolkata: Petrol Rs 113.51, diesel Rs 99.82 per litre
Chennai: Petrol Rs 107.76, diesel Rs 99.55 per litre
Lucknow: Petrol Rs 101.86, Diesel Rs 95.36 per litre
Jaipur: Petrol Rs 113.19, diesel Rs 98.25 per litre
Hyderabad: Petrol Rs 115.69, Diesel Rs 103.82 per litre
Bengaluru: Petrol Rs 111.68, diesel Rs 99.56 per litre
Patna: Petrol Rs 113.37, diesel Rs 99.36 per litre
Chandigarh: Petrol Rs 101.54, diesel Rs 89.47 per litre
US President Donald Trump has currently withdrawn his proposal to impose a 20 per cent transit fee on ships passing through the Strait of Hormuz. He said that the Gulf countries have assured an increase in investment and trade in America on a large scale. In such a situation, instead of imposing additional duties, strengthening economic partnership was considered a better option.
Can crude oil prices reach 100 dollars per barrel?
Market experts believe that if tensions between the US and Iran increase further or the energy supply of the Gulf region is affected, crude oil prices may reach close to 100 dollars per barrel. At the same time, if both sides are successful in finding a solution through negotiations and normal traffic is restored in the Strait of Hormuz, then oil prices may fall again.
Meanwhile, the discussion regarding E20 petrol has also intensified. Aam Aadmi Party chief Arvind Kejriwal has written a letter to Prime Minister Narendra Modi demanding a reduction in the price of E20 petrol and to give consumers the option of choosing between pure petrol and ethanol mixed petrol.
What to look forward to?
At present, the prices of petrol and diesel are stable in the country, but the movement of crude oil in the international market and the situation in West Asia can decide the direction of fuel prices in the coming days.
