Crude Oil Prices Rise, But Petrol Diesel Rates Stay Steady Across Major Indian Cities (Image Courtesy: Instagram)
New Delhi: On Sunday, August 9, common people got relief on the prices of petrol and diesel. There was no major change in rates even today in big cities. Crude oil is going up and down in the international market, but domestically the oil companies have kept the prices stable.
According to the rate of August 9:
| City | Petrol | Diesel |
|---|---|---|
| New Delhi | Rs 102.12 | Rs 95.20 |
| Gurugram | Rs 102.97 | Rs 95.64 |
| Bhubnehwar | Rs 108.93 | Rs 100.64 |
| Chandigarh | Rs 101.54 | Rs 89.47 |
| Jaipur | Rs 112.66 | Rs 97.78 |
Oil companies have not been increasing prices for a long time. Therefore, the impact of the global market is not directly visible on you right now.
On Friday, Brent crude rose 1.3 percent and closed at 83.55 dollars per barrel. Whereas American WTI crude fell slightly to 77.06 dollars. Right now the market is eyeing the talks between America and Iran and the Strait of Hormuz.
Hormuz is the world's largest oil-rich sea route. Twenty per cent of the world's oil goes from here. If the traffic stops here, the supply will be affected and oil will become expensive. Iran has put conditions before America – reduce military pressure, remove sanctions and compensate for the losses. Oman is holding talks, but no final decision has been taken yet.
The last major review of petrol and diesel at the domestic level was on 25 May. Rates have remained almost stable since then. Because of this, you have not yet been hit by international fluctuations. But if Brent remains above 85 dollars for a long time, or there is a problem in Hormuz, then prices may increase in the coming weeks.
India buys more than 85 percent of its oil from outside. If oil becomes expensive, the government's import bill will increase. Its impact will not only be on petrol and diesel, but also on inflation and transport. From vegetables to goods, everything can become expensive. There is relief at the moment, but in the next few days everyone's eyes will be on Hormuz and the US-Iran deal. From there it will be decided when the rates will change at the pump.
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