Petrol and diesel prices held steady across metro cities on September 6, the latest price notification issued by fuel retailers showed.
Fuel prices have stayed unchanged for more than a month. Petrol and diesel in Delhi cost Rs 96.72 and Rs 89.62 a litre, respectively. In Mumbai, petrol is being sold for Rs 106.31 per litre and diesel for Rs 94.27. Petrol and diesel are priced at Rs 102.63 and Rs 94.24 in Chennai and at Rs 106.03 and Rs 92.76 in Kolkata, respectively.
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State-owned fuel retailers Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) have not raise petrol and diesel prices for almost five months now, despite rising international oil prices.
Oil dips on symbolic OPEC+ output cut
Oil prices slipped early on Tuesday, paring the previous session’s 3% gain, as an OPEC+ deal to cut output by 100,000 barrels per day in October was seen as a largely symbolic move to stem the market’s recent slide.
Brent crude futures fell 33 cents, or 0.3 percent, to $95.44 a barrel at 0054 GMT.
US West Texas Intermediate (WTI) crude futures inched up from Monday to $89.13 a barrel, and were up $2.26, or 2.6 percent, from Friday’s close. There was no settlement on Monday, the US Labor Day holiday.
India’s future crude oil supplies will mostly come from Gulf: Hardeep Singh Puri
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India’s minister of petroleum and natural gas, Hardeep Singh Puri, said most of his country’s crude oil supplies in the near future will come from the Gulf countries, including Saudi Arabia and Iraq, as it seeks a secure and affordable energy base.
Indian refiners have been snapping up relatively cheap Russian oil, shunned by Western companies and countries since sanctions were imposed against Moscow for what it calls a “special military operation” in Ukraine.
India’s imports from Russian oil rose by 4.7 times, or more than 400,000 barrels per day, in April-May, but fell in July.
Crude oil imports from Saudi Arabia by the world’s third biggest oil importer and consumer rose in July by more than 25 percent after Saudi Arabia lowered the official selling price in June and July compared with May. Saudi Arabia stayed at the No 3 spot among India’s suppliers.
“As far as India is concerned, I see for the foreseeable future much of our crude oil supplies will be coming from Saudi Arabia, Iraq, Abu Dhabi, Kuwait, among others,” Puri told Reuters in an interview on the sidelines of the Gastech conference in Milan. Read More
