Steep fall in crude oil prices, will petrol and diesel prices fall in India?

New Delhi: The fall in crude oil prices has raised expectations of people for some relief from inflation. The losses were further widened as oil prices fell by 2 per cent in early trade on Thursday. Investors were worried that aggressive U.S. interest rate hikes could dampen the slowdown and fuel demand. US West Texas Intermediate (WTI) crude CLc1 futures have fallen by $2.39, or 2.3%, to $103.80 a barrel from 0031 GMT.

At the same time, Brent crude LCOc1 futures fell $2.24, or 2.0%, to $109.50 a barrel. Both the benchmarks have plunged nearly 3 per cent on Wednesday to their lowest since mid-May. At the same time, the price of Brent crude has come down below $110 per barrel. WTI crude prices have also registered a decline. There is definitely some relief in the softening of crude oil prices. However, the US has expressed apprehension that India and China are buying more oil from Russia. It is because of this that this decline has taken place. WTI crude prices had hit above $122 a barrel earlier this month. The fall in its prices has also increased the chances of petrol and diesel prices falling.

Investors are speculating how worried central banks should be with regard to potentially pushing the world economy into a recession, as they try to contain inflation with interest rate hikes. "The oil market remained under pressure because investors were concerned that a rise in U.S. rates would halt the economic recovery and reduce fuel demand," experts said. He said that, the WTI could come down below $100 a barrel before the July 4 holiday in the United States (USA).

Let me tell you that, there is no change in the price of petrol in Delhi right now. On Thursday also, it was Rs 96.72 per litre, while diesel is available at Rs 89.62 a litre. Petrol in Mumbai is priced at Rs 111.35 per litre and diesel at Rs 97.28 per litre. Let us know that in the past days when the war between Russia and Ukraine started, the prices of petrol and diesel in the country became very high.

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