Petrol Rate in Punjab

Petrol Price in Punjab

Petrol Price in Punjab : Punjab today petrol price are a consequence of a lot of factors, which control theprice of this commodity. The most dominant factor is the global price of crudeoil. The international price of Brent crude is around $36.62, which is under$40 per barrel. When the price of Brent crude goes up, the cost of petrol and dieselalso inch up. Brent crude, sometimes referred to as Brent blend is one of thethree most important benchmarks, used in futures, contracts, and derivatives inoil trading. West Texas International (WTI) and Dubai/Oman are the two trivial benchmarksin international oil trading. Brent crude is most sought after oil benchmark bytraders, and the crude is mostly drilled from North Sea oilfields.

 

Current price

 

Cost of petrol in Punjab today is INR 77.99 per liter as on today. The price of gasolineand diesel is revised daily, as against fifteen days changes. Daily price changes is trivial, often a few paisa, but when it was evaluated after 15 days, the price variant was noteworthy, putting pressure on consumers. As the data of crude oil consumption is emerging, it is providing clues to future consumption. In the first quarter of 2020, (till March 30th), India imported 57.0 min tones of crude through sea route. Petrol price in Punjab is dependent mainly on the international crude price as India primarily imports crude petroleum. As of 2018, India was a third-largest crude oil exporter.

Punjab Petrol Rate Today

 

Import of crude oil

 

In the first quarter of 2020, India imported 57.0 min tones, which is a 7.2% year to year increase, compared to 53.20 min tones for the first quarter of 2019. Petrol Price in Punjab Today is dependent on imported crude oil. 24% of total crude oil import, comes from Iraq; becoming number Uno supplier of crude oil to India. Saudi Arabia supplies around 17% of the total oil import. As the economy is recovering from the pandemic situation after complete lockdown, import of crude oil is picking up. Petrol rates in Punjab is expected to be firm in coming days, as the economy is reviving, and import is increasing by 23% on year to year basis. Petrol aaj ka bhav in Punjab is directly related to the international price of crude oil.