After several hikes in fuel prices earlier this month, the price of petrol and diesel remained unchanged for the last 19 days on Monday, April 25. Petrol and diesel prices were last hiked by 80 paise per liter on Wednesday, April 6, taking the total increase in prices in 16 days. 10 per litre.
From today, petrol in Delhi cost 105.41 per liter while the price of diesel 96.67, as per the price notification of state fuel retailers. One liter of petrol will be charged in Gurugram 105.86 more 97.10 for one liter of diesel.
Petrol in Chennai and diesel prices are on 110.85 more 100.94 per liter. Petrol price in Kolkata is 115.12 and diesel is 99.83. One liter of petrol will be charged in Bangalore 111.09 and one liter of diesel will cost 94.79.
Meanwhile, oil prices tumbled on Monday amid persistent concerns about slowing global economic growth and fuel demand from a prolonged COVID-19 lockdown in Shanghai and a possible US rate hike. Brent crude futures fell $1.90, or 1.8%, to $104.75 a barrel as of 0015 GMT, while US West Texas Intermediate (WTI) crude futures fell $1.89, or 1.9%, to $100.18 a barrel.
Authorities in Shanghai, battling the Covid-19 outbreak, have put up fences outside residential buildings, sparking fresh public outcry over a lockdown that has forced the city’s 25 million people indoors.
US Federal Reserve Chairman Jerome Powell has indicated that a half-point increase in interest rate will be “on the table” when the Fed meets in May, in what is expected to be a series of hikes this year.
On the supply side, US energy firms added oil and natural gas rigs for the fifth straight week amid higher prices and a spurt by the government.
In Europe, the Russia-Kazakh Caspian Pipeline Consortium (CPC) was resuming full exports from April 22 after a nearly 30-day disruption following repairs at one of its major loading facilities, three sources familiar with the port loading plan said. told Reuters on Friday.
Still, some analysts say the worsening crisis in Ukraine could increase pressure on the EU to approve Russian oil and prices could rise later this year. Russia is Europe’s top gas supplier and the world’s second largest oil exporter after Saudi Arabia.
(with inputs from agencies)