"Considering relatively stable crude oil and petroleum product prices, no price revision was carried out in petrol and diesel from November 1 to 19, 2020. However, since then significant uptrend was seen in crude oil prices
in the international market," he said
The Indian basket crude oil touched $ 47.41 a barrel on November 26 as against average crude oil prices
of $ 41 a barrel in the first fortnight of November this year. This rise was mainly due to expectations that Covid-19 vaccine will boost crude oil demand. Sentiments were also bolstered by the expectation that OPEC+ would extend trade deal to restrain output. Further, uncertainties around the US Presidential election were also settled.
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