The war between Russia and Ukraine may have had an effect on the prices of crude oil, but now its price has declined. In the global market, the price of crude oil has reached below $100 per barrel. For this reason, relief has been registered in the Indian market regarding this.
After hitting an intraday peak of $139 a barrel for Brent crude on March 7, the price of crude is down nearly 30%. International oil prices fell below $100 a barrel on Tuesday for the first time since March 1. This has been a three-week low of $ 97.44 per barrel.
Giving information, a government official said a hike in fuel prices is still inevitable, but the quantum and timing is yet to be decided. Due to the reduction in oil prices, the international oil prices will definitely remain soft.
Crude oil price of $85 per barrel
According to energy expert and former officer on special duty in the then Planning Commission SC Sharma, it is estimated that oil production from US shale is also likely to be higher during the coming months. At the same time, Sharma also said that oil prices will fall below $100 a barrel and in the short term will be in the range of $ 85 to $ 95 a barrel.
Petrol diesel prices did not increase
Fuel prices in metro cities remained unchanged as before, despite the fall in crude oil prices. This is the first time since June 2017 that rates have remained stable. In Delhi, a liter of petrol costs Rs 95.41, while diesel costs Rs 86.67 per litre.
Price remained unchanged here too
Petrol in Mumbai is being sold at Rs 109.98 per liter, while diesel is being sold at Rs 94.14 per litre. Among metros, fuel rates are still the highest in Mumbai. Fuel prices vary by state due to VAT. At the same time, the price of petrol in Chennai was Rs 101.40 and diesel was Rs 91.43. While the price of petrol in Kolkata has been Rs 104.68 and that of diesel is Rs 89.79.