Retail prices of petrol-diesel at home remain high despite global crude decline

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MUMBAI: The significant depreciation of the rupee against the dollar, loss of oil companies and volatility in global prices has made it challenging for the authorities to bring down fuel prices at home. Despite the drop in global crude oil prices, there has been no reduction in fuel prices at home for over a month.

Global crude oil prices have recently fallen significantly from their highs on concerns that crude oil demand will fall in the wake of a proposed global recession, though retail petrol-diesel prices at home have not come down.

At the end of the current week, the price of Nymax crude slipped below 80 dollars to 78.74 per barrel while Brent crude fell to 86.15 dollars. During the week the prices have come down significantly. After the Russia-Ukraine war, the global price of crude oil rose to $139 per barrel at one stage.

Despite a significant reduction from this price, the retail price of petrol-diesel has not seen a relative reduction.

An analyst said that considering the losses incurred by oil companies at a time of weakness in the rupee and high prices, retail prices may not come down.

In Mumbai, petrol is charged at Rs 106.31 per liter while diesel is charged at Rs 89.62.

Petrol-Diesel expensive despite fall in crude oil prices

After the Russia-Ukraine war, the global price of crude oil rose to $139 per barrel at one stage, while the price of petrol in the country was Rs. 115 and diesel Rs. It was around 100. While the price of crude has fallen to close to 78 dollars, petrol in Mumbai is currently Rs. 106 around and diesel Rs. Around 90 are available.

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