Pakistan has taken a shocking decision. The Pakistani government has announced a steep cut in the prices of petroleum products. While giving relief to the public, the prices of petroleum products have been cut by 15 to 38 percent by the government there. The new rates come into effect from May 1.
Petrol and diesel became cheap
Pakistan has taken this decision to reduce the prices in order to bring the benefits of a steep fall in crude oil prices to its people. According to the Dawn report, this decision has led to a fall in petrol prices in Pakistan by Rs 15 and diesel by Rs 27.
The government has fixed the ex-dipo price of petrol at Rs 81.58 per liter. Also, the government has increased the tax by Rs 5.68 per liter. Talking about diesel, the government has fixed the ex-dipo price of Speed Diesel at Rs 80.10 per liter. It has lost Rs 27.14. Also, its tax has been increased by Rs 6.79 per liter. The ex-dipo price of kerosene is fixed at Rs 47.44 per liter. It has lost Rs 30.01. Kerosene tax has increased by Rs 14.06 per liter.
Crude oil futures price is high
Future prices of both West Texas Intermediate (WTI) crude oil and Brent crude oil are seen on Friday morning. WTI crude oil futures were trading up $ 0.64 in the morning to trade at $ 19.51 a barrel. At the same time, the future price of Brent Oil was rising by $ 0.32 to trade at $ 26.80 per barrel.
This is the price in India
Talking about India, due to the lockdown here the prices of petrol and diesel are stable for many days. The movement in the country is at a standstill and the demand for petrol and diesel is still negligible.
According to the IOCL website, the price of one liter of petrol in Delhi, Kolkata, Mumbai and Chennai today is 69.59, 73.30, 76.31 and 72.28 respectively. Talking about diesel, its prices in Delhi, Kolkata Mumbai and Chennai are 62.29, 65.62, 66.21 and 65.71 respectively.
India’s dependence on Brent crude supply
It is known that India’s dependence is on the supply of Brent crude, not on WTI. Therefore, the reduction in the price of American crude will not have much effect on India. That is, even if the price of WTI becomes cheaper in the international market, you will have to pay more for the price of petrol.