The decline in crude oil prices continues in the international market. Crude oil prices have come down in the global market due to signs of reopening of the Strait of Hormuz and expectations of improvement in the supply system. Despite this, oil companies have not made any change in the fuel rates in the domestic market today on Friday.
Crude oil prices are falling in the global market for the sixth consecutive day. The price of WTI crude is currently trading at around $ 83 per barrel with a slight decline of 0.010 percent. At the same time, the price of international standard Brent Crude Oil has also slipped to around $ 88 per barrel.
Crude oil is cheap, still 30% rise in one year
Even though the prices of crude oil have decreased in recent trading sessions, if we look at the long-term trend, the rate of crude oil in the international market has increased by up to 30 percent in the last one year. Recently, due to the tense environment between Iran, America and Israel, the prices of crude oil had crossed $ 100 per barrel. During that time, due to the sudden rise in the international market, Indian Oil Marketing Companies were facing losses of up to Rs 1,000 crore every day.
Further efforts were made to balance the burden on consumers through government relief measures and adjustments in excise duty.
Prices have not changed since May
Public sector oil marketing companies in the country last revised fuel prices in the month of May. Between May 15 and May 25, companies had increased the prices of petrol and diesel four times. After this, the rates of petrol and diesel have remained stable across the country since May 25.
Today, even on the festival of Raksha Bandhan, the prices of petrol and diesel remain at their old levels. There is a difference in rates in different cities of the country due to VAT and local taxes. For example, in Thiruvananthapuram petrol is being sold at Rs 115.49 per liter and diesel at Rs 104.40 per litre.