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For the third time in seven days — as well as in over six months —.auto fuel prices have been reduced.
On Tuesday, petrol price fell by 22 paise to ₹90.56 per litre in Delhi while diesel fell by 23 paise to ₹80.87. Prices fell across the country by similar levels. Petrol and diesel were lowered by 18 paise and 17 paise last Wednesday and by 21 paise and 20 paise last Thursday.
Oil marketing companies revise retail prices daily taking into account international crude prices and the dollar exchange rate as benchmarks. Earlier this month after ranging around $70 a barrel, Brent crude eased below $65 and is unlikely to rebound as a resurgence in Covid-19 cases in various countries dampens demand.
Crude may remain muted
“We believe the price of crude oil will range between $63-65 per barrel given how the rise in Covid-19 cases is putting a damper on an oil-based recovery,” said Urvisha Jagsheth, Research Analyst CARE Ratings
“Considering that China has reduced imports and is now relying on cheaper oil from storage, Brent may fall to $58 per barrel and the WTI to $55 per barrel in April,” said Anuj Gupta, Deputy Vice President Research at Angel Broking.
Saudi Arabia-led OPEC is expected to hold supply stable in its meeting this week, Gupta added. The cartel of oil producing nations, along with allies, has proven surprisingly proactive in restricting global supply and driving up prices this year.
Retail prices in India had skyrocketed to historically-high levels throughout January and February as a result of rising crude amid the Centre‘s refusal to lower the excise duty that it had hiked when crude prices had nosedived during the height of the pandemic.
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