The Covid-19 pandemic has disrupted economic activity around the World. The global economy is expected to contract by 5.2% this year. A direct fall out of contraction in economic activity has been a sharp fall in oil prices. US oil futures went into negative territory on April 20 as buyers failed to take their deliveries on time. Benchmark Brent crude fell to a 21-year low of $9.12 per barrel on April 21 and continues to be at $43.08\/barrel, the lowest since August 2016 (before the Covid-19 induced crash in March).<\/p>\n
The resultant fall in import costs has translated into gains, but none has been passed on to Indian consumers. An HT analysis shows that the gap between domestic and international petroleum prices has been the highest in almost two decades during the pandemic. The main reason for this is a sharp increase in taxes on the sale of petroleum products.<\/p>\n
The analysis is based on a comparison of petrol and diesel prices in Delhi with the rupee equivalent of Brent crude prices.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Covid-19 pandemic has disrupted economic activity around the World. The global economy is expected to contract by 5.2% this year. A direct fall out of contraction in economic activity has been a sharp fall in oil prices. US oil futures went into negative territory on April 20 as buyers failed to take their deliveries on time. Benchmark Brent crude fell to a 21-year low of $9.12 per barrel on April 21 and continues to be at $43.08\/barrel, the lowest since August 2016 (before the Covid-19 induced crash in March). The resultant fall in import costs has translated into gains, […]<\/p>\n","protected":false},"author":44,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[141,130,183],"tags":[],"class_list":["post-359108","post","type-post","status-publish","format-standard","hentry","category-hindustantimes","category-newspapers","category-oil-gas-hindustantimes"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/359108","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=359108"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/359108\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=359108"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=359108"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=359108"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}