After hiking the fuel prices for straight two days, the state-run oil marketing companies have kept the diesel and petrol prices unchanged on Wednesday across Delhi, Mumbai, Kolkata and Chennai. In Delhi, petrol is selling at Rs 71.17 a litre.
After hiking the fuel prices for straight two days, the state-run oil marketing companies have kept the diesel and petrol prices unchanged on Wednesday across Delhi, Mumbai, Kolkata and Chennai. In the national capital, petrol is selling at Rs 71.17 a litre, diesel is being sold at Rs 66.20 a litre, according to the Indian Oil Corporation website. The petrol and diesel prices were increased by 5 paise and 9-10 paise a litre across the major cities on Tuesday.
In Mumbai, people need to spend Rs 76.78 for one litre of petrol, while for diesel, they need to shell out Rs 69.36 a litre. In Kolkata, petrol costs Rs 73.24 a litre, while diesel costs Rs 67.96 a litre. In Chennai, petrol is being sold at Rs 73.87 a litre, whereas diesel is selling at Rs 69.97 a litre.
India imports 80 per cent of its oil needs and it is the third largest importer of oil from Iran. The crude oil prices rose on rising geopolitical tensions between the US and Iran amid expectations that producer club OPEC will continue to withhold supply this year. However, gains were checked by concerns that prolonged trade tensions between Washington and Beijing could lead to a global economic slowdown.
The US President Donald Trump threatened Iran with “great force” if it attacked US interests in the Middle East. Saudi Energy Minister Khalid al-Falih said there was a consensus among OPEC and allied oil producers to drive down crude inventories “gently”. The crude oil prices are likely to trade in the range of 4351 and 4493 per barrel on Wednesday, according to Kedia Advisory.
The international benchmark for oil prices, Brent crude futures, was last seen at $71.73 per barrel, 0.62 per cent from their previous close, while the US West Texas Intermediate (WTI) crude futures were higher by 0.17 per cent, at $62.99 per barrel from their previous settlement.