Categories: News

Get ready to Shell out more money on Petrol and Diesel

Indians had not enjoyed the full benefit of the Global crude oil price crash in recent months. Crude Oil came down to $35/barrel from $120/barrel. The price of crude oil has become less than half of what it was 2 year ago but the price of Petrol in India didn’t dive as dramatically as the Global Crude Oil price. The main reason for this is the hike in excise duty which Indian Govt increased many times in last few months.

Now the recent data shows that the Global Crude price is picking up, Now its traded above $40. As per the reports the Crude oil price had started moving up. This will lead to increase in Petrol and Diesel price in India. And as we all know Indian Governemnt is not going to roll back any extra excise duty which they had hiked in last few months. So the increased Excise duty will continue as it is and the price of Petrol and Diesel will move northward. So Indians get ready to Shell out more money on Petrol and Diesel.

Below is the Govt Press Release on crude oil price of Indian Basket today

The international crude oil price of Indian Basket as computed/published today by Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas was US$ 40.60 per barrel (bbl) on 12.04.2016. This was higher than the price of US$ 38.95 per bbl on previous publishing day of 11.04.2016.

In rupee terms, the price of Indian Basket increased to Rs. 2699.63 per bbl on 12.04.2016 as compared to Rs 2585.73 per bbl on 11.04.2016. Rupee closed weaker at Rs 66.50 per US$ on 12.04.2016 as against Rs 66.39 per US$ on 11.04.2016. The table below gives details in this regard:

Alex

Recent Posts

China Focus: Technology sows seeds of hope in combating desertification

HOHHOT, CHINA - Media OutReach Newswire - 23 December 2024 - China's National Forestry and…

34 minutes ago

Novautek Honored with the “Outstanding SME ESG and Business Performance Award”

HONG KONG SAR - EQS Newswire - 23 December 2024 - Novautek Autonomous Driving Limited…

3 hours ago

V-GREEN and Xanh SM Indonesia sign MoU with Lippo for comprehensive green ecosystem in Indonesia

JAKARTA, INDONESIA - Media OutReach Newswire - 23 December 2024 - V-GREEN and PT Xanh…

3 hours ago

Molex Anticipates Steady Growth in High-Speed Connectivity in 2025, Driving Electronics Design Innovations Across Diverse Industry Sectors

Increase in opportunities predicted for high-speed optical transceivers and miniaturized connectivity solutions to address data-intensive…

5 hours ago

Celebrating 25 Years of Excellence: DYXnet Embarks the New Chapter of Digital Transformation

HONG KONG SAR - Media OutReach Newswire - 23 December 2024 - DYXnet, a wholly-owned…

6 hours ago

The Top 10 Best Places to Work in Egypt for 2024 revealed

CAIRO, EGYPT - Media OutReach Newswire - 23 December 2024 - Eand, Novo Nordisk, BSH,…

8 hours ago