There has been no change in the prices of petrol and diesel in India since May 2022. Crude oil prices are hovering around $80. Dollar index is also at 103 level. Even after that, petrol and diesel have not been made cheaper in the country. In fact, the American dollar remains the biggest enemy of the common people’s pockets. The dollar being at a record level against the rupee is not allowing petrol and diesel to become cheaper in the country. According to experts, unless the rupee falls below 80 or less against the dollar, it is not possible for petrol and diesel to become cheaper. Let us also tell you where at present both stand in this war between dollar and rupee? Also, what could be the situation of both in the coming days.
Crude oil became cheaper in November
There has been a significant decline in the price of crude oil in the month of November. First of all, if we talk about the price of Brent crude oil, a decline of 9 percent has been seen. At present the price of Brent crude oil is at $ 81.81 per barrel. On the other hand, there has also been a decline in the price of American crude oil, which is lower than Brent. The price of WTI crude oil has become cheaper by 4.56 percent in the month of November. Whereas at present the level of WTI is at $ 77.60 per barrel. According to experts, there will be no significant change in the price of crude oil in the coming days. It is possible that the price of crude oil may reduce further.
Dollar index decline
On the other hand, a decline is being seen in the dollar index. Even on Tuesday, the dollar index is trading at the level of 103.29 with a decline of 0.14 percent. Even in the month of November, a decline of 3.14 percent has been seen in the dollar index. On November 1, the level of the dollar index was at 106.67. In fact, after the Fed meeting, there has been a decline in the dollar index. The reason for the fall in the dollar index was no change in interest rates. According to experts, the minutes of FOMC will decide a lot. It is possible that interest rates may increase in the next Fed meeting and the dollar index may rise and the price of crude oil may fall further.
Dollar becomes a problem against rupee
Crude oil prices and dollar index are all supporting cheap petrol and diesel. But the level of dollar against rupee remains the biggest hurdle in the way of making petrol and diesel cheaper. At present the dollar is at the level of 83.35 against the rupee. The dollar may be flat against the rupee in the month of November, but the trend is up. The dollar is up 0.07 percent against the rupee in November. If we talk about the current year, an increase of 0.64 percent has been seen in the dollar against the rupee. This means that on an average the dollar remained above the level of 81 or 82 against the rupee throughout the year. Which has not allowed the prices of petrol and diesel to come down.
At what level did the dollars come?
While talking to TV9 Bharatvarsha, Director of Kedia Advisory, Ajay Kedia said that the biggest hurdle in the price of petrol and diesel is the dollar. Which remains at a record level against the rupee. Unless the level of dollar against rupee falls to 80 or below. Till then it does not seem possible to reduce the prices of petrol and diesel. The kind of situation is being seen at present. Also, from the circumstances that may prevail in the coming days, it seems that the dollar index may cross the level of 85 by February-March.
Difficult to say anything right now
While talking to TV9 Bharatvarsha, Anuj Gupta, Head of Commodity and Currency at HDFC Securities, said that there is no possibility of any significant change in the dollar index, crude oil price and the level of dollar against the rupee in the month of December. Many changes can be seen in the month of January. He said that if the dollar falls against the rupee in the month of January, it can reach the level of 82.60. If it increases and breaks the level of 84, then it will die down only after reaching the level of 86. But its expectations are low. There are more chances of decline in the prices of petrol and diesel in the month of January.
Petrol and diesel price in India
On the other hand, there has been no change in the prices of petrol and diesel in India. The last change in the prices of petrol and diesel in the metropolitan cities of the country was seen on May 21. At that time, the country’s Finance Minister Nirmala Sitharaman had reduced the tax on the price of petrol and diesel. After that some states tried to influence prices by reducing or increasing VAT. The interesting thing is that ever since the prices of petrol and diesel started changing daily in the country as per the international market, this is the first time that petroleum companies have not made any changes during the record timeline.
Price of petrol and diesel in major cities of the country
- New Delhi: Petrol rate: Rs 96.72 per liter, Diesel rate: Rs 89.62 per liter
- Kolkata: Petrol rate: Rs 106.03 per liter, Diesel rate: Rs 92.76 per liter
- Mumbai: Petrol rate: Rs 106.31 per liter, Diesel rate: Rs 94.27 per liter
- Chennai: Petrol rate: Rs 102.63 per liter, Diesel rate: Rs 94.24 per liter
- Bengaluru: Petrol rate: Rs 101.94 per liter, Diesel rate: Rs 87.89 per liter
- Chandigarh: Petrol rate: Rs 96.20 per liter, Diesel rate: Rs 84.26 per liter
- Gurugram: Petrol rate: Rs 97.18 per liter, Diesel rate: Rs 90.05 per liter
- Lucknow: Petrol rate: Rs 96.57 per liter, Diesel rate: Rs 89.76 per liter
- Noida: Petrol rate: Rs 96.79 per liter, Diesel rate: Rs 89.96 per liter