In a surprising turn of events, petrol prices in India have witnessed a significant drop, with Port Blair offering the cheapest petrol at an astonishing Rs. 84.10 per liter. The plunge in prices comes as global crude oil rates have fallen below $80 per barrel, marking a stark contrast to the earlier fears of rising prices due to geopolitical tensions.
As of the latest updates, Delhi residents are enjoying a relief at the pump, with petrol priced at Rs. 96.72 per liter and diesel at Rs. 89.62 per liter. Meanwhile, in metropolitan areas like Mumbai, the prices stand at Rs. 106.31 for petrol and Rs. 94.27 for diesel.
The trend continues across various cities, where the 630th consecutive day witnesses no change in petrol and diesel rates. The highest prices are reported in Sriganganagar, Rajasthan, while Faridabad, Ghaziabad, and Noida follow with varying rates.
Notably, despite the ongoing Russia-Ukraine conflict, crude oil prices have seen a decline. According to Bloomberg Energy reports, Brent crude futures for April are at $77.67 per barrel, while March futures for WTI have reached $72.41 per barrel. This unexpected drop in oil prices has defied earlier concerns that the conflict might send crude prices soaring to $130 per barrel, sparing Indian consumers from additional burdens at the pump.
As the oil marketing petroleum companies swiftly updated the Maximum Retail Prices (MRP) across the National Capital Region (NCR) and other key cities, consumers can now benefit from the newfound affordability. The relief in petrol and diesel prices is anticipated to have a positive impact on inflation rates and household budgets.
In conclusion, the recent developments in oil prices have provided Indian consumers with a breath of fresh air, especially with the cheapest petrol now available at Rs. 84.10 per liter. As the global crude oil market continues to witness fluctuations, it remains to be seen how long this relief will last for the consumers at the pump.
