Crude Oil Prices Rise: Check the Latest Petrol and Diesel Rates in India

New Delhi: Crude oil prices are once again rising in the international market. The benchmark crude of Gulf countries has crossed 73 dollars per barrel, while American crude is also trading above 70 dollars per barrel. Meanwhile, Iraq has once again reiterated its demand from OPEC to increase its production quota. According to reports, Iraq may also consider leaving the organisation if the demands are not met. This development has created a new turmoil in the global energy market.

Why did the prices of crude oil rise?

Crude oil prices continue to fluctuate in the international market. The benchmark crude of Gulf countries is trading at around 73.15 dollars per barrel. Whereas American WTI crude remains at the level of around 70.29 dollars per barrel. Market experts say that due to geopolitical tensions and uncertainty related to OPEC, further fluctuations in prices may be seen in the coming days.

What does Iraq's warning to OPEC mean?

Iraq is continuously demanding that OPEC increase its oil production quota. If his demands are not met and he leaves the organisation, new competition for oil production may begin in the Middle East. This is expected to increase the supply of crude oil in the global market and put pressure on prices.

Will the prices of petrol and diesel change in India?

There has been no change in the prices of petrol and diesel in the country for the last 36 days. Experts believe that despite the fluctuations in the international market, there is little possibility of immediate change in domestic fuel prices. Oil companies can keep prices stable for now.

What are the prices of petrol and diesel in major cities of the country?

• In Delhi, petrol is being sold at Rs 102.12 and diesel at Rs 95.20 per litre.
• Petrol in Mumbai is Rs 111.21 and diesel is Rs 97.83 per litre.
• In Kolkata, petrol is available at Rs 113.51 and diesel at Rs 99.82 per litre.
• The price of petrol in Chennai is Rs 107.77 and diesel is Rs 99.55 per litre.

What could be the future direction of the market?

Experts say that if differences regarding production between OPEC countries increase or geopolitical tensions in the Middle East deepen, then sharp fluctuations may be seen in crude oil prices. This may also impact the global fuel market and India's oil import cost in the future.