Petrol Prices High in India
Good Morning to all of you, Although the crude oil, which is responsible for 90% of the cost of these refinery cracks is the biggset determinant of consumer fuel price in India. The cost of crude oil in the Indian basket averaged around $46.98and $55.92 per barrel in 2016-2017 and 2017 -2018.
Once a week Fuel prices Hit High......
Today I have Seen News, Petrol Hiked by 53 paisa and diesel by 64 paisa in a day. Regularly prices increases in 12th day.
Reasons
Rates have been increased across the country and vary from state to state depending on the incidence of local sales tax and VAT
In past 4 days, the price of petrol has increased by approx. Rs 2.15per litre while diesel rate has increasedcby 2.23
In coming months, petrol and diesel rates may rise furthur as oil companies attempt to recover losses another reason behind the hike is a strong recovery in global crude oil prices over the past few days.
Many experts and analysts tracking the oil market says the fundamental remain weak and price could fall again due to lower demand. They feel that the market will gradually recover only if the thirst for the oil rises.