Petrol, diesel prices may not rise till election ends; check fuel prices in major cities today

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Published: May 8, 2019 12:12:10 PM

State-run oil marketing companies have kept the fuel prices unchanged after slashing the petrol rates on Monday, across major cities in India. In Delhi, while petrol is costing Rs 73 per litre, people need to spend Rs 66.66 per litre for diesel.

Petrol, diesel prices remain unchanged on Wednesday

State-run oil marketing companies have kept the fuel prices unchanged after slashing the petrol rates on Monday, across major cities in India. In Delhi, while petrol is costing Rs 73 per litre, people need to spend Rs 66.66 per litre for diesel.

In Mumbai, petrol is being sold at Rs 78.59 per litre, whereas diesel is selling at Rs 69.81 per litre. In Chennai, diesel and petrol are selling at Rs 75.79 a litre and Rs 70.43 a litre respectively.

In Kolkata also, there has been no change in fuel prices. People need to shell out Rs 75.04 a litre and Rs 68.04 a litre for petrol and diesel respectively in Kolkata.

The experts expect fuel prices to remain stable till elections get over on May 19 as the government wouldn’t risk its chances of winning by creating an outrage among common people by raising the fuel prices.

“The international crude oil prices will likely go up by 10% in the next 30-40 days and cross the $75 per barrel mark. I don’t see any significant increase in petrol and diesel prices going forward till elections as the government controls the fuel prices. There can be some marginal increase in fuel prices but not in the same proportion as increase in crude oil prices,” Amit Sajeja, Associate Vice President, Motilal Oswal, told Financial Express Online.

Since the elections started on April 11, there have been just marginal fluctuations in retail fuel prices across the country, even when the international crude oil prices rallied around 4% in April. The oil prices had even crossed $75 per barrel in the last month. In the month of May the petrol prices have been slashed twice marginally, while increased only once by 6 paise as the Brent crude oil prices have been stable since the beginning of May.

India imports 80 percent of its oil needs and India is the third largest importer of oil from Iran which is currently struggling because of US decision of ending sanction waivers to the major buyers of Iranian oil, including India. According to experts, the crude oil prices are likely to rise in the range of $72-74 per barrel in a week or so amid geopolitical tensions between the US and Iran.

“The prices may go from the current levels of $70 per barrel to $72-74 per barrel in a week’s time considering the increasing tensions between the US and Iran. The prices may even touch $75 per barrel mark,” Jigar Trivedi, Fundamental Analyst – Commodities at Anand Rathi Shares & Stock Brokers.

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