With a drop in demand for crude oil during the pandemic, the average price in April 2020 had fallen to about $20/barrel. In fact, crude oil futures fell to zero for the first time in history! Currently Crude in India is double, at about $40/barrel.
The petrol and diesel prices are set at 6:00 a.m. every day, and they vary from state to state because of the state local taxes. They are linked to the crude oil price and should increase or decrease as it moves up or down. But this hasn’t always been the case. The prices remained unchanged in April/May (even though crude was cheap) but from June 7, they increased every day.
June 24 was the climax – for the first time ever, diesel (Rs 78.88/litre) cost more than petrol (Rs 79.76/litre) in Delhi. (Source:Indian Oil)
Today the prices increased again. A century is not out of reach!
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