11 January 2023: Fuel Rates Remain Unchanged Today; Global Markets Likely To Experience Inflation

11 January 2023: The fuel rates remained to be constant in the country on 11 January 2023, i.e. Wednesday. Despite of unchanged fuel rates, crude oil has seen several variations, the price of Brent crude has fallen by about $3. Prices of petrol and diesel issued by government oil companies and today oil have become cheaper in many cities.

Union FM Nirmala Sitharaman on May 21th 2022 reduced the excise duty on petrol by ₹8 per litre and on diesel by ₹6 per litre across the entire country. In Delhi, the cost of petrol is ₹96.72 and that of diesel is ₹89.62 a litre, respectively. Petrol costs ₹106.31 per litre in Mumbai while diesel costs ₹94.27.

Fuel Rates To Increase In Global Markets

Oil prices edged slightly higher on Tuesday as the U.S. government forecast record global petroleum consumption next year and as the dollar hovered at seven-month lows. Global consumption of liquid fuels is forecast to reach 102.2 million barrels per day in 2024, driven primarily by growth in countries like India and China, reflecting trends in economic activity, the U.S. Energy Information Administration said in its Short-Term Energy Outlook. Brent futures rose 45 cents or 0.6 per cent, to settle at $80.10 a barrel, while US crude ended 49 cents, or 0.6 per cent higher at $75.12 per barrel.

Brent crude futures had risen 53 cents, or 0.7%, to $79.10 a barrel by 0114 GMT while U.S. West Texas Intermediate crude was at $74.23 a barrel, up 46 cents, or 0.6%.

Fuel Rates In The Cities

Amid the constant fuel prices, cities like Mumbai and the national capital Delhi has Petrol rates at ₹106.31 per litre and ₹96.72 per litre respectively. Diesel costs about ₹94.27 per litre and ₹89.62 per litre respectively. In Kolkata, the cost of petrol is ₹106.03 and that of diesel is ₹92.76 a litre, respectively. Petrol costs ₹102.63 per litre in Chennai while diesel costs ₹94.24. In Bengaluru, it’s ₹101.94 for a litre of petrol and ₹87.89 for a litre of diesel.

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