Softening in crude oil can provide relief from petrol, diesel inflation

Crude oil prices continued to soften in the international market last week and oil prices are likely to remain under pressure due to the outbreak of coronavirus and slowing global economic growth. Benchmark crude oil Brent crude rose to $ 43.93 per barrel at the beginning of last week, the highest level since nearly 10 weeks. But at the end of the week, Brent crude fell nearly two and a half dollars to close at $ 41.02 a barrel. Anuj Gupta, deputy vice-president (energy and currency research), Angel Broking, says that the price of crude oil has gone up significantly in the last two months and now there is little possibility of further upside. He said that the oil price cut by OPEC has already raised prices and the deepening outbreak of Corona could see further pressure on oil prices.

Here, the oil marketing companies did not make any change in the price of diesel on Sunday after 21 days and the price of petrol was also stable. During the last three weeks, the price of diesel has increased daily and the price of petrol has been increased by 20 days except for one day. Gupta says that the price of petrol and diesel has increased considerably in the last three weeks, so the possibility of further increase is less. Diesel has become costlier by Rs 11.01 per liter in the last 3 weeks in Delhi, while petrol price has increased by Rs 9.12 per liter.

According to the website of Indian Oil, petrol prices in Delhi, Kolkata, Mumbai and Chennai remained unchanged at Rs 80.38, Rs 82.05, Rs 87.14 and Rs 83.59 per liter respectively. The price of diesel also remains the same in the four metros, which is Rs 80.40, Rs 75.52, Rs 78.71 and Rs 77.61 per liter respectively. Earlier on Saturday, oil marketing companies increased the price of petrol by 25 paise in Delhi, 23 paise in Kolkata and Mumbai, and 22 paise in Chennai. The price of diesel also increased 21 paise in Delhi, 18 paise in Kolkata, 20 paise in Mumbai and 17 paise per liter in Chennai a day earlier.