New Delhi: Petroleum Minister Dharmendra Pradhan on Monday said here that oil prices would ease if the ongoing global tensions do not increase.
He also said that crude oil prices have already eased by a few dollars per barrel in the past few days.
Crude oil prices surged as high as 20 per cent on September 16 after the drone attacks on Saudi oil major Aramco's key facilities on September 14. On September 16, the first working day post the attacks, prices of the benchmark Brent crude surged to $72 per barrel.
Eventually, however, prices have eased, following assurances improvement in supplies by Aramco. The demand scenario also has remained stagnant which has helped prices come down from the recent highs.
On Monday, Brent crude was trading around $63.94 per barrel.
The ongoing tension in the Middle East and the persistent US-China trade war has also helped the spike in oil prices.
Crude oil prices impact India severely as the country imports over 80 per cent of its oil consumption needs.
Since the attacks, petrol prices across the country have increased by nearly Rs 2 per litre. On Monday, petrol was priced at Rs 73.91 per litre in the national capital.
Following the largest ever-disruption of crude production in Saudi Arabia, experts have suggested that prices of petrol and diesel in India may shoot up by Rs 5 to 6 a litre.
A recent report by Kotak said that in light of the sharp rise in international crude oil prices, Indian oil marketing companies may increase the retail price of diesel and gasoline by Rs 5 to 6 per litre in the following fortnight.
However, government sources have indicated that, even if the surge in crude prices holds on for a longer period, consumers would not be burdened with high auto fuel prices as oil companies and the government may absorb a portion of the price hike.
|State Capitals (Applicable from 6:00 a.m. on 23-09-2019)||Petrol Current Price(Per Lt)||Petrol Previous Price(Per Lt)||Change(Rs)|
|Petrol price in Delhi||Rs.73.62||Rs.73.35||0.27|
|Petrol price in Kolkata||Rs.76.32||Rs.76.05||0.27|
|Petrol price in Mumbai||Rs.79.29||Rs.79.02||0.27|
|Petrol price in Chennai||Rs.76.52||Rs.76.24||0.28|
|Petrol price in Faridabad||Rs.73.46||Rs.73.37||0.09|
|Petrol price in Gurgaon||Rs.73.33||Rs.72.96||0.37|
|Petrol price in Noida||Rs.75.17||Rs.74.91||0.26|
|Petrol price in Ghaziabad||Rs.74.85||Rs.74.86||-0.01|
|Petrol price in Agartala||Rs.74.23||Rs.73.96||0.27|
|Petrol price in Aizwal||Rs.70.27||Rs.70.01||0.26|
|Petrol price in Ambala||Rs.73.02||Rs.72.79||0.23|
|Petrol price in Bangalore||Rs.76.14||Rs.75.86||0.28|
|Petrol price in Bhopal||Rs.81.82||Rs.81.54||0.28|
|Petrol price in Bhubhaneswar||Rs.72.67||Rs.72.27||0.40|
|Petrol price in Chandigarh||Rs.69.62||Rs.69.37||0.25|
|Petrol price in Dehradun||Rs.75.69||Rs.75.61||0.08|
|Petrol price in Gandhinagar||Rs.71.16||Rs.70.89||0.27|
|Petrol price in Gangtok||Rs.77.40||Rs.77.15||0.25|
|Petrol price in Guwahati||Rs.75.81||Rs.75.85||-0.04|
|Petrol price in Hyderabad||Rs.78.26||Rs.77.97||0.29|
|Petrol price in Imphal||Rs.69.96||Rs.69.74||0.22|
|Petrol price in Itanagar||Rs.67.71||Rs.67.25||0.46|
|Petrol price in Jaipur||Rs.78.18||Rs.78.00||0.18|
|Petrol price in Jammu||Rs.75.13||Rs.74.86||0.27|
|Petrol price in Jalandhar||Rs.73.59||Rs.73.30||0.29|
|Petrol price in Kohima||Rs.72.41||Rs.72.16||0.25|
|Petrol price in Lucknow||Rs.75.01||Rs.74.93||0.08|
|Petrol price in Panjim||Rs.69.81||Rs.69.43||0.38|
|Petrol price in Patna||Rs.77.21||Rs.77.04||0.17|
|Petrol price in Port Blair||Rs.63.78||Rs.63.56||0.22|
|Petrol price in Raipur||Rs.74.38||Rs.74.11||0.27|
|Petrol price in Ranchi||Rs.72.07||Rs.71.67||0.40|
|Petrol price in Shillong||Rs.73.59||Rs.72.95||0.64|
|Petrol price in Shimla||Rs.72.54||Rs.72.61||-0.07|
|Petrol price in Srinagar||Rs.78.33||Rs.78.02||0.31|
|Petrol price in Trivandrum||Rs.77.03||Rs.76.76||0.27|
|Petrol price in Silvassa||Rs.71.94||Rs.71.78||0.16|
|Petrol price in Daman||Rs.71.82||Rs.71.56||0.26|
|Petrol price in Pondicherry||Rs.72.85||Rs.72.59||0.26|