Crude oil prices touched the sky, broke the record of last ten years; Still fuel prices stable in India

According to the data available from SAIL, on June 9, the price of crude oil reached US $ 121.28, which was earlier seen in February and March 2012. According to PPAC, the Indian basket of crude oil averaged $111.86 per barrel between February 25 and March 29. Oil prices started rising sharply soon after Russia's invasion of Ukraine.

Between March 30 and April 27, the average price of crude oil was $103.44 per barrel. International oil prices on Thursday hit a 13-week high on strong demand from major buyers such as the US. However, on Friday it registered some decline. Brent crude futures for August were trading 81 cents lower at USD 122.26 a barrel. US West Texas Intermediate crude for July was down 79 cents at $120.72 a barrel. However, retail fuel rates in India remain stable.

Sources said the local pump rates have been benchmarked to the crude oil price of around USD 85 per barrel, but the oil companies have not changed the rates. Sources said that the industry is selling petrol at a loss of Rs 18 per liter and diesel at Rs 21 per liter. The rates were reduced after the government cut excise duty on petrol by Rs 8 per liter and on diesel by Rs 6 last month.