As trade war fears intensify, India witnesses fall in fuel prices
NEW DELHI: The ongoing trade war fears might not be good for the global growth outlook but it is resulting in falling crude oil prices. Oil rates fell by around 1 per cent on Monday, extending losses of over 3 per cent from Friday, when crude markets slipped to their biggest monthly losses in six months amid stalling demand and as US-China trade wars fanned fears of a global economic slowdown.
The tensions grew further when US President Donald Trump threatened tariffs on Mexico, one of its major supplier of crude oil.
Brent crude futures were at $61.28 at 12:29 pm. That was 71 cents, or 1.1 per cent, below Friday’s close.
“The US-China feud remains most critical to the global growth outlook, but the addition of trade tensions between the US and Mexico raised the slower demand picture for the Americas,” said Edward Moya, senior market analyst at OANDA, another futures brokerage.
Brent crude oil prices have dropped almost 20 per cent from their 2018-peak in late April.
Fuel rates in India
Fuel prices in India continued to fall for the fifth straight day on Monday. In Delhi, petrol price was cut by 20 paise to Rs 71.30 a litre as against Rs 71.50 on Sunday. Diesel became cheaper by 40 paise to Rs 66.76.
India imports more than 80 per cent of its oil needs. Prices have surged recently after the US sanctions on Iran, Opec’s (Organization of the Petroleum Exporting Countries') third-largest producer.
In April, India's crude oil imports jumped to the highest level in six months, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed.
Crude oil imports into the world’s third-largest consumer rose 14 per cent in April from a year earlier to 19.72 million tonnes, the highest since October 2018, when imports were at a seven-year high of about 21 million tonnes.
译文来源：凤凰彩票 /47774.html 译者：Jessica.Wu
Gatothkach•Litin Thomas • India • 14 hours ago
Do you not realize in the 10 years of Congress rule fuel prices became 70 from 35 per liter. Did you have your eyes shut at that time?
Facttalks • Indian • 16 hours ago
The reason of SAudi and UAE supporting modibjp is for fuel reason only. Since the fall of international oil price since 2014 did fuel price reduce in India why?
Neha Sharma • 15 hours ago
great but soon oil prices will increase for sure. because modi is not going to give any subsidy in this petrol diesel section.
Aditya Shinde• 369 • Neha Sharma • 14 hours ago
plz i really do not want to live on subsidies
Swarup Paul • 15 hours ago
BAN AMERICAN PRODUCT AND DONOT SELL ANY PRODUCT TO AMERICA. DONOT BUY OIL FROM AMERICA U WILL AMERICAN MARKET WILL BE ZERO. ALL COUNTRIES UNITE TO TAKE THIS BOLD STEPS
Shasti Brata • 15 hours ago
Unfortunately my friends, no matter how much fuel prices fall in the world market, the prices in India would be pretty much the same, or even go up in price! This is because the government is a major stakeholder, and would divert the massive profits towards their various programs, rather than pass on the benefits to he consumer!
rajan Sekar • 15 hours ago
where are we headed? with unemployment all time high...increase in fuel prices will drive people to brink
Vasant• 4494 • rajan Sekar • Bhopal • 15 hours ago
This article is about fuel prices falling. Why are you going in the opposite direction?
Samuel• rajan Sekar • Bengaluru • 15 hours ago
Modi the best, all traitors can leave India
Siva Subramaniam • Coimbatorew • 7 hours ago
India is facing severe shortage of potable water, fuel and clean air. There is NO quick fix for solving these ever increasing shortages, no matter which political party is governing the country / states.
Adam • 14 hours ago
for common man this is no great news prices of all essential commodities has sky rocketed like anything.
Lalit • Mumbai • 14 hours ago
But Rupee is becoming strong and crude cheaper.
How that's bad.
Bhari Kaam • 14 hours ago
Build electric buses and trucks and prices will fall further!!
Dinesh Kumar Gupta • Goa • 19 hours ago
The oil marketing companies are taking the people of India for a ride. They need to transparently put out the method they use to derive the price-which remains the highest in the world inspite of massive fall in international crude prices.
Samuel• Dinesh Kumar Gupta • Bengaluru • 15 hours ago
our rich cultural heritage teaches us to use natural things, we should ban automobiles, and promote only bullokcart, horses to save our nature
Bhupin Kumar • 2 hours ago
petrol and the diesel prices are going down but the essential items like vegetables and pulses prices are rising
Venkatesh • Hyderabad • 4 hours ago
Fools do not understand that even the global prices have declined so much still our prices are astronomically high
Ramana • 6 hours ago
This is a blessing in disguise at this juncture, though falling crude is one of the factors indicating a slow down in economy.
Gskmki • 6 hours ago
Cars have become a necessity rather a luxury for most Indians now.
Siva Subramaniam • Coimbatorew • 7 hours ago
Fuel will be in short supply as the days pass and action needed to contain it and look for alternate fuel.
Lasomani • Location • 9 hours ago
This must be false News for the following reason. All through Modi 1.0 Finance Minister Jaitley blamed Trade War when Price of Petrol rose. All througb Modi 1.0, the price of Petrol never came down when International price of Crude went down.
Vijay • 12 hours ago
Till electric cars are introduced there will not be any let up in consumption of petrol in India. Our huge imports are eating away our economy.
Berain Walia • 13 hours ago
Government should reduce taxes from fuel.
Dan Shaw • 13 hours ago
In California the price per gallon varies from over $3.75 to 4.59. Fluctuates every day.
Mahesh Kuthuru • 14 hours ago
BETTER TO START USING PUBLIC TRANSPORT, WALKING, CYCLE, RICKSHAW & ELECTRICS ALL OVER INDIA. LETS START MASSIVELY REDUCING OIL USAGE. GOOD FOR OUR HEALTH & WEALTH.
Dharmendra GK • 16 hours ago
Good news for India.