Oil Price Hike

The most significant rise has been registered in the price of tomato

Delhi Congress leaders on Monday staged a protest across the city against hike in fuel prices, raising slogans against the BJP-led central govt and the AAP-led Delhi govt

Petrol price in the national capital was increased for the 22nd day by 5 paise to Rs 80.43 and diesel price by 13 paise to Rs 80.53.

On June 27, price of petrol was increased by Rs 0.25 per litre while that of diesel by Rs 0.21 per litre. Rates differ from state to state, depending on value-added tax (VAT)

The BJP-led state government earlier this month raised the cess on petrol and diesel by Rs 1 to make up for the decline in revenue collection due to Covid-19 outbreak

Rates have been increased across the country and vary from state to state depending on the incidence of local sales tax or VAT

Marketing margins to be squeezed by 64%; companies did not pass on the benefits of lower global petroleum prices to consumers

US shale producers, including Occidental Petroleum Corp , deepened spending cuts that could reduce production

The prolonged trade dispute has dampened oil demand and weighed on prices

Brent crude futures LCOc1 gained $1.31, or 2.2%, to $60.41 a barrel by 11:27 a.m. EDT (1527 GMT), after earlier reaching a session high of $60.65 a barrel

It may be noted that oil prices surged more than 15 per cent to their highest level in nearly four months after an attack on Saudi Arabia's oil facilities

West Texas Intermediate jumped 10.68 per cent to $60.71 and Brent climbed 11.77 per cent to $67.31 in early Asia trading

Brent soared almost 20 per cent at one point on Monday, while WTI surged around 15 per cent before paring the gains

However, immediate gain unlikely due to reduced petrol and diesel sales in monsoon months