Petrol and Diesel prices remained unaltered across the country for the ninth consecutive day on Thursday, April 8, despite a fall in the global crude rates. In the global markets, Brent was trading at USD 63.13 per barrel, while the West Texas Intermediate (WTI) was at USD 59.72 per barrel.
The prices of both auto fuels were last changed on March 30 when petrol fell by 22 paise per litre and diesel saw a reduction by 23 paise in Delhi. Currently, petrol price in the national capital stands at Rs 90.56 per litre, Rs 90.77 in Kolkata, Rs 92.58 in Chennai, while its highest in Mumbai among metros at Rs 96.98.
Similarly, corresponding prices for diesel remained unchanged. Currently in the national capital diesel retails at Rs 80.87 per litre, Rs 83.75 in Kolkata, Rs 85.88 in Chennai and Rs 87.96 in Mumbai.
The recent reduction of Petrol and Diesel prices by the oil marketing companies (OMC) comes for the first time in over a year. Petrol prices peaked by a record Rs 21.58 per litre in the last one year while diesel prices went up by Rs 19.18 a litre in the same period.
According to goodreturns.com, a possible rise in the U.S. fuel inventories and Iran talks had an effect on the oil prices. As per the official data released from the American Petroleum Institute (API), the US crude stocks fell by 2.6 million barrels and gasoline stocks jumped by 4.6 million barrels for the week ending April 2. The report also cited Iran and world powers holding constructive talks and agreed to form working groups to discuss the possibility of reviving the nuclear deal signed earlier between the United States and Iran in 2015. The revival could possibly lead the Biden administration to lift the sanctions on Iran’s fuel energy sector.