Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » India: Petrol and diesel prices set for a sharp drop

    India: Petrol and diesel prices set for a sharp drop

    July 22, 2018
    Share
    Facebook Twitter LinkedIn WhatsApp

    22 July 2018, News Wires — Petrol and diesel rates are set for a sharp drop after global crude oil prices tumbled nearly $7 a barrel in nine days.

    On Thursday, petrol and diesel were cheaper by 6 paise and 12 paise a litre, respectively. The cut is expected to get deeper. In Delhi, petrol and diesel were available for Rs 76.78 and Rs 68.35 per litre, respectively. State oil companies fix domestic rates of petrol and diesel based on international fuel prices, the exchange rate and taxes.

    They have the freedom to pass on all hikes and reductions daily to consumers, but have lately begun to wait for signals from the government to do so. That’s why local prices don’t always mimic international trends.

    Lower prices would bring relief to the government and the ruling party, which has faced public anger over rising prices and calls for duty cuts to bring down local fuel rates. International crude oil prices have declined sharply in the past 10 days, with Brent going close to $72 a barrel on Thursday. The prospect of increased supply from key producing countries and a fear of trade war between the US and

    China hurting oil demand have been weighing on the global rates.
    Hints of the US probably agreeing to offer waivers to India and some other key importers of Iranian oil have lessened worries that a significant share of supplies from the Islamic Republic would go off the market. Saudi Arabia, Russia, the US and other key producers are expected to raise output to meet new demand, as well as any shortage due to Iranian supply cut.
    – ETEnergyWorld

    Related News

    Military busts 27 illegal refineries in Rivers, Bayelsa, others

    ‘OPEC oil output rises in May but compensation cuts limit hike’

    Chevron CEO warned staff of rising safety issues before fatal Angola platform fire

    E-book
    Resilience Exhibition

    Latest News

    NDPHC launches 7.5MVA substation in Borno to boost power supply

    June 9, 2025

    Nigeria sends mining scholars to Australia for training

    June 9, 2025

    Shipping firms dodges $900m cost, as Nigeria hit by empty container glut

    June 9, 2025

    Military busts 27 illegal refineries in Rivers, Bayelsa, others

    June 9, 2025

    ‘OPEC oil output rises in May but compensation cuts limit hike’

    June 9, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.