Petrol-Diesel Rate: The hopes of reduction in petrol and diesel prices seem to be dashed. Global oil benchmark Brent crude futures fell below $70 a barrel last week, which was the lowest level since December 2021 and the hope of reduction in petrol and diesel rates had increased. On Thursday, Brent was trading at $74.58 a barrel. Now due to the huge fluctuations in the international prices of crude oil, there is no reduction in the domestic prices of petrol and diesel despite the reduction in cost.
The Petroleum Ministry official said that nothing can be said about price cuts even before the Maharashtra Assembly elections. When asked about the possibility related to this, this official expressed his inability to give any clear answer.
A senior Petroleum Ministry official, on condition of anonymity, said, as long as crude oil prices remain volatile due to tension in the global market, it is unlikely that public sector petroleum companies will revise prices in line with their costs.
Retail prices stable from April, 2022
Petroleum companies had frozen retail prices in April 2022. During this period, petrol and diesel were reduced by Rs 2 per liter only once before the general elections, 2024. India imports 85 percent of its petroleum needs. All three public sector fuel retailers have been making good profits on petrol and diesel for a long time, but they want to ensure a corrective price trend before deciding to cut prices. Indian Oil Corporation, BPCL and HPCL have not revised the price in line with cost since 2021.
The cheapest petrol in India is Rs 82.42 per liter
The cheapest petrol in India is available in Port Blair at Rs 82.42 per liter and diesel at Rs 78.01. Whereas, the cheapest petrol in the world is available in Iran at Rs 2.40 per liter. According to Global Petrol Price.com, petrol is Rs 2.64 per liter in Libya and Rs 2.93 per liter in Venezuela. According to Live Mint, the most expensive petrol in India is being sold in Adilabad at Rs 109.41 per liter. In Delhi, petrol is Rs 94.72 and diesel is Rs 87.62 per liter.