The price of petrol in India was raised on Tuesday after two months. National petrol prices have risen as global crude oil prices have risen to three years. While petrol was so expensive at up to 19 to 25 pares per liter, diesel prices had risen by 24 to 27 pares per liter.
Petrol prices were very high in India. A liter of petrol will cost Rs 107.47 in the financial capital. In Delhi, the price of petrol dropped to Rs 101.39 per liter after a recent price review. This was the first increase in petrol prices after July 17, according to state-owned oil companies. The price of petrol has risen to Rs 101.87 in Kolkata. In Chennai, a liter of gasoline was priced at Rs 99.15 per liter.
Diesel prices rose sharply on Tuesday, the fourth time since last week. In a recent review, a liter of diesel was sold for Rs 97.21 in the capital Maharashtra. In Delhi, you will have to pay Rs 89.57 to buy a liter of automatic fuel. The price of diesel shot up to Rs 92.67 per liter in Kolkata and Rs 94.17 per liter in Chennai.
State-owned companies Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) re-launched their daily prices on September 24 after a staggering three weeks.
Global oil prices rose on the sixth straight day of September 28 on solid assets due to rising demand in parts of the world. Brent crude futures earned 42 cents, or 0.5 percent, to $ 79.95 in the barrel at 0248 GMT, reaching its highest point since October 2018. The crude futures of US West Texas Intermediate (WTI) rose by cents 41, or 0.5 percent, went to $ 75.86 a barrel, hitting the high since July.
“Global commodities have been strengthened due to the rapid availability of fuel since the Delta outbreak of coronavirus and Hurricane Ida’s hit to US production. The supply chain of the United States will continue to provide oil prices, as Ida’s departure will still affect the US supply in the first quarter of 2022, “said Sriram Iyer, chief research analyst at Reliance Securities.
The price of motor fuel in India depends on global crude oil prices, the dollar exchange rate. In addition, the central government says it imposes various taxes – excise duty and Value Added Tax (VAT) on petrol and diesel. Merchant commission and commodity costs are also added to the price of petrol. It should be noted that petrol and diesel are not subject to GAT.
“Markets will be looking at clues from the data used this week, starting with the API details tonight and the EIA on Wednesday. Technically, WTI Crude Oil above the $ 75.00 level can see next to the upward pressure of up to $ 75.65- $ 75.90 levels. Support is $ 74.90- $ 74.10 levels. Ahead of the home run, MCX Crude Oil in October above Rs 5,550 could see the upside up to levels of Rs 5,600-5,630. Support for rates of Rs 5,540-5,510, “said Iyer.