Petrol-Diesel Price: Crude oil prices again on fire, prices increased in these cities, what is today’s rate at your place?

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Petrol-Diesel Price Today: After remaining calm for the last two to three days, the price of crude oil increased by almost two percent today. six in the morning WTI Crude Oil It was selling at $88.40 per barrel, up 2.01 percent. At the same time, Brent crude was trading at $ 91.43 per barrel with a rise of 1.70 percent. Meanwhile, Indian oil distribution companies have announced the prices of petrol and diesel for today. However, the impact of the sharp rise in crude oil prices is not visible in the country at the national level. Even after this, an increase in the prices of petrol and diesel has been recorded in many cities. The price of petrol and diesel is stable in the capital Delhi. Here petrol is being sold for Rs 96.72 and diesel for Rs 89.62. Whereas, in Mumbai the price of petrol is Rs 96.72 and diesel is Rs 89.62 per litre. Even in Kolkata the price of petrol and diesel is stable. Here petrol is available at Rs 106.03 per liter and diesel at Rs 92.76 per liter from this morning. However, the prices of petrol and diesel in Chennai have increased by 9 paise. Here petrol is being sold at Rs 102.74 per liter and Rs 94.24 per litre.

Petrol and diesel prices changed in these cities also

In Patna, the capital of Bihar, the price of petrol has been reduced by 34 paise. Here petrol is being sold at Rs 107.24 per liter. Whereas, diesel is being sold at the price of Rs 90.04 per liter. Along with this, an increase of 0.17 paise has been seen in the prices of petrol and diesel in Goa. Here petrol is being sold at Rs 97.54 per liter and diesel at Rs 90.10 per litre. Whereas, there has been a slight decline of 9 paise in the prices of petrol and diesel in Ahmedabad. Here, the price of petrol is Rs 96.42 per liter and diesel is available at Rs 92.17 per liter. Whereas, in Bengaluru, petrol is being sold at Rs 101.94 and diesel at Rs 97.89 per litre.

Crude oil futures prices fall due to weak spot demand

Crude oil prices fell 0.48 percent to Rs 7,204 per barrel in futures trade on Wednesday as traders cut their deals following weak spot demand. On the Multi Commodity Exchange, the contract of crude oil for delivery in October fell by Rs 35 or 0.48 percent to Rs 7,204 per barrel. It was traded for 3.748 lots. Globally, West Texas Intermediate crude oil fell by 0.20 percent to $ 86.49 per barrel, while the price of Brent crude was trading at $ 89.57 per barrel, showing a decline of 0.09 percent.

Sales of petrol and diesel decreased before the beginning of the festive season.

Before the beginning of the festive season, there has been a decline in the sales of petrol and diesel in the first fortnight of October. This information has been obtained from preliminary data of public sector petroleum companies. Last year, along with Durga Puja/Dussehra, Diwali was also in October. Consumption is expected to increase in the second fortnight of October this year. Petrol sales of all three public sector fuel retailers declined by nine percent on an annual basis. Petrol sales have fallen for the first time in two months. At the same time, demand for diesel also decreased by 3.2 percent. In the first fortnight of October, petrol sales declined from 12.9 lakh tonnes to 11.7 lakh tonnes on an annual basis. There was a nine percent decline in sales on a monthly basis. The consumption of diesel, the most used fuel in the country, dropped to 29.9 lakh tonnes between October 1 and 15. In the first fortnight of October, 2022 it was 30.9 lakh tonnes. There was a decline of 9.6 percent on monthly basis. In the first fortnight of September it was 27.3 lakh tonnes. Diesel sales usually fall during the monsoon months as demand from the agriculture sector decreases due to rains.

How are the prices of petrol and diesel decided in India?

Petrol and diesel prices in India are decided by the government and it is a dynamic process that depends on various factors. Here are some of the main factors that influence this process:

• International Market Prices: India does not have a reliable distribution network of petrol and diesel for the users. Therefore, despite the succession of prices of petrol and diesel in the world market, India is finally defined in quantity and distribution.

• Taxes and Duties: Taxes and duties imposed by various states and union territories are included in determining the prices of petrol and diesel. This is usually subject to change based on various updated decisions.

• Contribution of State Governments: State governments can also include their contribution to control the prices of petrol and diesel. They may impose various fees and taxes in their state.

• Demand for Currency and Supply of Petroleum Products: The balance between demand for petroleum products and their supply can also affect prices. If demand for products is high and supply is low, prices may increase. If demand for products is low and supply is high, prices may decrease.

• Export and Import Events: Various export and import events can also affect the prices of petrol and diesel.

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