Petrol and Diesel Prices Updated: Price Drops in Chhattisgarh, Himachal Pradesh, and Maharashtra, Increases in Rajasthan
On November 28, 2023, oil marketing companies in India announced the latest changes in petrol and diesel prices across multiple states, reflecting fluctuations in the global crude oil market. While international crude oil prices remain stable, the domestic fuel prices have seen both hikes and reductions across different states.
At around 6 a.m. on Tuesday, global oil benchmarks showed stability, with WTI crude trading at $75.22 per barrel, maintaining a positive outlook. Meanwhile, Brent Crude saw a slight dip, trading at $79.98 per barrel. These international trends have had a mixed impact on fuel prices within India, with some states witnessing price drops, while others saw increases.
Petrol Price Drops in Chhattisgarh, Himachal Pradesh, and Maharashtra
In the latest updates, the state of Chhattisgarh saw a reduction in petrol prices by 50 paise per liter, while diesel prices decreased by 49 paise per liter. Similarly, in Himachal Pradesh, petrol became cheaper by 55 paise, and diesel followed closely with a 49 paise drop. This reduction comes as a relief to consumers in these states, who have been facing increased fuel costs over the past few months.
Maharashtra and Bihar also experienced a drop in fuel prices, with petrol and diesel prices showing marginal declines. Telangana followed suit, further contributing to the overall relief for consumers in these regions. Experts believe that these reductions reflect the efforts of oil marketing companies to pass on the benefits of stable crude oil prices in the global market to Indian consumers.
Rising Prices in Rajasthan and Other States
On the contrary, consumers in Rajasthan saw a slight hike in petrol and diesel prices. Petrol prices increased by 30 paise per liter, while diesel went up by 27 paise per liter. This rise comes despite stable crude oil prices globally, and experts are attributing it to state taxes and transportation costs.
Uttar Pradesh also witnessed an uptick in fuel prices, with petrol and diesel prices rising by 27 paise per liter. Other states, including Uttarakhand, Tamil Nadu, and Madhya Pradesh, saw similar increases in fuel costs, impacting the overall burden on consumers. These increases are part of a larger trend where certain states have been grappling with higher logistics and distribution costs, contributing to the rise in fuel prices.
Fuel Prices in Punjab
In Punjab, the price of petrol remained stable, providing some respite to consumers amidst the price fluctuations in neighboring states. Oil marketing companies reported no significant changes in fuel prices within the state, as crude oil rates in the international market remained relatively steady.
The stable fuel prices in Punjab can be attributed to a combination of state-level policies and lower logistics costs, which have prevented any major increases despite international volatility in oil prices. For the time being, consumers in Punjab can expect consistent fuel rates, barring any sudden changes in the global oil markets.
Impact of Global Crude Prices on Domestic Rates
Global crude oil prices continue to play a significant role in determining fuel prices in India. With WTI crude trading steadily at $75.22 per barrel and Brent Crude at $79.98 per barrel, the international market shows no major signs of upheaval. The relatively stable global prices have allowed oil marketing companies to make minor adjustments to domestic fuel rates, depending on regional factors such as state taxes and transportation costs.
However, experts caution that any sudden shift in international crude prices could lead to fluctuations in domestic fuel rates, especially if there is a significant change in supply or demand in the global market.
Consumers React to Price Fluctuations
The mixed response in different states has led to a variety of reactions from consumers. While the reduction in fuel prices in states like Chhattisgarh, Himachal Pradesh, and Maharashtra has been welcomed, the hikes in states like Rajasthan and Uttar Pradesh have caused concern among the public. Rising fuel prices often lead to higher transportation costs, which can affect the overall cost of living in these regions.
Despite these fluctuations, oil marketing companies are keeping a close watch on global crude prices and are expected to make further adjustments as needed in the coming weeks.
