Current Petrol Price Per Litre
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Petrol Price in Sikkim : As of 2016, India holds a confirmed oil reserve of 4,728,790,000 barrels of oil, ranking 24th globally, and around .03% of the total global reserve of 1,650,585,140,000 barrels. One barrel contains around 158.987 liters or 42 gallons of crude oil. The estimated reserve of oil is equivalent to 2.9 times of yearly consumption. At the prevailing consumption level, India could sustain for around three years without importing oil. As of 2016, India consumes around 4,443,000 barrels per day. Sikkim today petrol price is directly proportional to international Brent crude oil, which is trading under $40 per barrel. This country is the third-largest the consumer of oil, accounting for 4.6% of total global consumption of 97,103,871 barrels per day.
Market price of petrol
Cost of petrol in Sikkim today is INR 82.35 per liter, in Gangtok, east, north, and south districts. While the global petrol price was soft due to economic slowdown, owing to Covid-19, India bought around 16.71 million barrels in April-May 2020. This crude oil is stored in strategic reserves located at Padur, Mangalore, and Visakhapatnam. These reserves hold crude oil for 22 days of national consumption of oil. Refineries located in India also reserve 65 days of crude storage.
The cost of procuring crude in April-May was around US$19, which is substantially lower than the January price of around US$60 per barrel. But as the international crude Brent is recovering from the pit, Petrol price in Sikkim is also strengthening. This strategic purchasing of crude saved around INR 5069 crores.A drop of one dollar per barrel reduces the import bill by INR 10,700 core annually. Petrol Price in Sikkim Today is deregulated and revised daily taking different vital factors.
Strategic oil reserve
India took advantage of depressed global crude oil prices to build her ambitious strategic oil reserve. The average cost of Dubai/Oman; and Brent crude was $56.43 and $69.88 in 2018-2019 correspondingly. The price plunged to $19.90 in April, $30.60 in May, $43.35 in July, $44.19 in August, and currently trading around $35 per barrel. In April-May, Brent crude was trading at 21 year low, but now the price is recovering steadily. Petrol rates in Sikkim or Petrol aaj ka bhav in Sikkim are actively raising as more vehicles are plying and commercial activity increases.