Fuel prices on April 4: No change in petrol-diesel prices, crude oil rises due to production cut

Today i.e. Tuesday (April 4) there has been no change in the prices of petrol and diesel. The prices have remained stable for almost nine months. Petrol in Delhi costs Rs 96.72, while diesel is being sold at Rs 89.62 per litre. Crude oil prices are seeing a decline today. At the same time, crude oil is seeing a jump of up to 8% due to production cuts.
OPEC+ countries announced a cut of one million barrels per day in crude oil production on Monday. Because of this, crude oil climbed 6% on Monday and reached a one-month high. At present, Brent crude is trading above $85 per barrel by almost half a percent, and WTI crude is also up by half a percent and is trading above $80 per barrel.
OPEC+ accounts for about 40% of all crude oil production in the world. Saudi Arabia is reducing production by 5 lakh barrels per day and Iraq by 2 lakh 11 thousand barrels. UAE, Kuwait, Algeria and Oman are also making cuts. Russia says that its production cut which was for March to June will now run till the end of 2023. Garr Ross, hedge fund manager at Black Gold Investors, says that 'OPEC+ clearly wants prices to rise.
The last time petrol-diesel prices were changed was in May 2022. Then excise duty was reduced by Rs 8 on petrol and Rs 6 per litre on diesel. Due to this, the prices of petrol and diesel were reduced by Rs 9.5 and Rs 7 respectively. In July 2022, the Maharashtra government cut VAT on petrol and diesel by Rs 5 and Rs 3 per litre.
Petrol is above Rs 100 per litre in 16 states of the country. Petrol has reached Rs 100 in all districts of Madhya Pradesh, Andhra Pradesh, Bihar, Maharashtra, Karnataka, Manipur, Telangana, Punjab, Jharkhand, Sikkim, Odisha, Kerala, Tamil Nadu, West Bengal, Chhattisgarh and Rajasthan. On the other hand, if we talk about diesel, it has gone above 100 rupees in Odisha, Rajasthan and Madhya Pradesh.
Oil marketing companies decide the rates of petrol and diesel daily after reviewing the prices. Indian Oil, Bharat Petroleum and Hindustan Petroleum change the rates of petrol and diesel at 6 am.