Utility News: Crude oil prices fall drastically! Are petrol and diesel prices going to fall in India?

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The fall in the prices of crude oil has raised hopes of some relief from inflation. The losses were further intensified as oil prices fell by 2 percent in early trade. US West Texas Intermediate (WTI) crude CLc1 futures are down $2.39, or 2.3%, to $103.80 a barrel as of 0031 GMT.

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For your information, let us tell you that Brent crude LCOc1 futures fell by $ 2.24 or 2.0% to $ 109.50 per barrel. Both benchmarks have fallen nearly 3 percent on Wednesday to their lowest levels 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 fall. The softening of crude oil prices has certainly brought some relief. The US has feared that India and China are buying more oil than Russia. It has declined. Earlier this month, WTI crude prices touched above $122 a barrel. With the fall in its prices, the possibility of a fall in the prices of petrol and diesel has also increased.

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How concerned should central banks be with pushing the world economy into recession, as they try to control inflation by raising interest rates? Oil markets remained under pressure as investors worried that a hike in US rates would halt the economic recovery and reduce demand for fuel. WTI may fall below $100 a barrel before the July 4 holiday in the United States.

There is no change in the price of petrol in Delhi yet. Let us tell you, it was Rs 96.72 per liter, diesel is available at Rs 89.62 per liter. Petrol in Mumbai costs Rs 111.35 per liter and diesel costs Rs 97.28 per liter. Let us tell you that when the war between Russia and Ukraine started in the past, then the prices of petrol and diesel in the country had become very high.