Petrol, Diesel Price 31 March 2021– Rates remain unchanged on Wednesday; expect more rate cuts as Crude Oil outlook remains weak
Petrol and diesel prices were kept unchanged on Wednesday after being slashed by 22 paise each on Tuesday. The Tuesday price cut in Petrol and Diesel after remaining stable for five days on the go. The prices were slashed on the back of a fall in the global crude oil prices. There could be more good news for consumers of Petrol and Diesel as outlook for Crude Oil remains weak
Petrol and diesel prices were kept unchanged on Wednesday after being slashed by 22 paise each on Tuesday. The Tuesday price cut in Petrol and Diesel after remaining stable for five days on the go. The prices were slashed on the back of a fall in the global crude oil prices. There could be more good news for consumers of Petrol and Diesel as outlook for Crude Oil remains weak. Expert Anuj Gupta, Vice President (VP), Commodity and Currency Research at IIFL Securities said that the prices of crude oil could further come down in near term.
Any major correction in crude oil prices could trigger some correction in Petrol and Diesel prices, he opined.
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See Petrol, Diesel Prices in metro cities
DELHI – On Wednesday, Petrol price was at 90.56 while the Diesel Price was at Rs 80.87.
MUMBAI - Petrol price was at 96.98 while the Diesel Price was at Rs 87.96.
KOLKATA - Petrol price was at 90.77 while the Diesel Price was at Rs 83.75.
CHENNAI - Petrol price was at 92.58 on Wednesday while the Diesel Price was up Rs 85.88.
Petrol, Diesel Price – There could be a further respite for consumers as the prices are expected to go down further. Gupta said that the crude oil is expected to see correction in the near term.
Crude Oil Futures- Money Making strategy
On Wednesday, Brent crude was trading at USD 64.11 while the West Texas Intermediate (WTI) Crude was trading at USD 69.39. On, Tuesday Brent Crude fell by USD 1.20, or 1.9 per cent at USD 63.78 a barrel by 1712 GMT (10:42 IST) and US WTI crude oil price was down by USD 1.28, or 2.1 per cent, at USD 60.28 barrel.
Gupta said that Brent Crude could go down up to USD 58 while WTI could see corrections up to USD 55.
At 10:30 am, the MCX March Crude oil futures were trading at Rs 4490 per BBL, up by 0.7 per cent or Rs 30. He recommended a Sell on Crude Oil futures at Rs 4520. He puts the stop loss at Rs 4565 while the target price at Rs 4420.
The increase in price of crude oil will further increase the fuel bill of the consumers.
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