The petrol prices in India stood still despite gaining strongly in the global markets as the U.S. is all set to end Tehran's crude import sanction waivers. The diesel prices in India remained unchanged in India. Usually, the prices of fuel differ from one city to another in the country as it depends on the local state government taxes as well as transportation charges.
The petrol prices in the retail market are revised regularly and the same will come into effect starting from 6:00 am in the morning at all the fuel filling stations. The present ongoing Lok Sabha elections in the country have helped the fuel prices to remain firm in India irrespective of its movement in the global markets.
Today, the petrol prices in India have stood flat despite recording a rise by close to more than 2 per cent in the global scenario. The petrol rates in India were seen at Rs 73.00 per litre in New Delhi, Rs 75.02 per litre in Kolkata, Rs 78.57 per litre in Mumbai and at Rs 75.77 per litre in Chennai.
Today, the diesel prices in India were recorded at Rs 66.39 per litre in New Delhi, Rs 68.13 per litre in Kolkata, Rs 69.49 per litre in Mumbai and at Rs 70.10 per litre in Chennai.
The United States of America which had granted waivers for a list of eight countries for a period of six months starting from November 1, 2018, to import crude oil from Iran has decided to end it. The U.S. is preparing to announce that the buyers of oil from Iran will have to end their imports shortly or they will be subjected to face sanctions from the U.S.
This decision of U.S. has helped the crude prices to jump up by 2 per cent during today's session and accordingly, the crude benchmark - Brent, was seen trading at $73.72 per barrel, up by 2.43% and West Texas Intermediate was seen trading at $65.55 per barrel, up by 2.31%.
An end to the exemption of waivers on Iran's oil will badly impact the Asian buyers. India and China top the list of countries which import most of their crude from Iran. If the U.S. successfully implements its decision to withdraw the waivers then India will have to chalk out new plans to secure crude from other nations.