New Delhi: Crude oil prices continue to fall, but its effect is not currently visible on the prices of petrol and diesel in India. In the international market, Brent crude has reached below $88 per barrel. Despite this, government oil companies have not made any change in the prices of petrol and diesel for August 27. At the same time, the cheapest petrol and diesel is available in Port Blair and the cheapest domestic LPG is available in Mumbai.
According to Bloomberg data, at around 6 am, West Texas Intermediate or WTI crude was trading at $ 81.64 per barrel, down by $ 0.59. At the same time, the international benchmark Brent crude fell by $ 0.63 and reached the level of $ 87.21 per barrel. The question is when will the impact of cheap crude oil reach retail prices.
Cheapest petrol and diesel in Port Blair
The lowest price of petrol and diesel in the country has been recorded in Port Blair. Here petrol is available at Rs 88.66 per liter and diesel at Rs 84.56 per liter. Domestic LPG is available in Mumbai for Rs 941.50.
Know the latest prices of major cities
In Jaipur petrol is Rs 112.66 and diesel is Rs 97.78 per liter. In Patna, petrol is being sold at Rs 112.70 and diesel at Rs 99.87 per litre. Petrol in Lucknow is Rs 102.05 and diesel is Rs 99.28. The price of petrol in Bhopal is Rs 114.65, while diesel is Rs 99.74 per liter. In Delhi, E0 petrol is quoted at Rs 167.35 per litre. The price of E5 petrol is Rs 109.24 per liter and the price of E20 petrol is Rs 102.12 per liter.
Why don’t rates decrease even when crude oil becomes cheap?
The effect of changes in crude oil is different in every country. It depends on whether the fuel price is decided by the market or the government. Experts call this the pass-through effect, that is, how much of the change in the price of crude oil reaches retail prices. In countries where the market decides the prices, the effect starts appearing from the first week. Its impact may be greater in the second week and by the third or fourth week the full impact of the new prices becomes visible. However, the rates of tax and excise duty also decide how much the benefit of the decline in the international market will reach the consumers.
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