Crude oil nears 91 dollars. Check today's Petrol and diesel rates in Delhi, Mumbai and other cities. (Image Courtesy: Facebook)
New Delhi: Crude oil prices have risen again in the international market. On Tuesday, Brent crude crossed three-week high of 91 dollars per barrel. The reason was US-Iran tension and uncertainty regarding supply in the Strait of Hormuz. But on Wednesday, August 19, there was no change in the rates of petrol and diesel in Indian cities. At present, consumers are relieved.
On Tuesday, Brent crude closed at 91.02 dollars per barrel. This is 0.17% more than the previous closing price. American WTI crude remained at 84.94 dollars per barrel, showing an increase of 0.52%.
Major reasons for the increase:
Weakening of expectations of a peace agreement between America and Iran and fear regarding the movement of oil through the Strait of Hormuz. Due to this, the possibility of supply disruption has increased.
On August 19, the prices of petrol and diesel across the country are the same as yesterday. International cost of crude oil does not immediately impact domestic rates. Oil companies change the rates daily, but the rates have been stable for the last several days.
The rate of petrol and diesel in India is not determined only by crude oil. Oil companies add 4-5 things to this: cost of crude oil, cost of refining, dollar-rupee rate, central and state taxes, transport and dealer commission. This is why the effect of 1-2 days' rise in the international market does not reach the pump immediately.
If this rise continues for a long time, there can be a problem. Expensive oil means expensive transport and expensive production. Its direct impact is on the prices of vegetables, ration and other things. Also, the pressure on the government and RBI to increase interest rates may also increase. At present, the rates have not changed in your city on August 19. But if Brent remains above 90 dollars, then companies may reconsider the prices in the coming days.
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