The state-run oil marketing companies have kept the diesel and petrol prices unchanged on Wednesday across Delhi, Mumbai, Kolkata and Chennai. Yesterday, the petrol prices were hiked by 9 paise a litre.
The state-run oil marketing companies have kept the diesel and petrol prices unchanged on Wednesday across Delhi, Mumbai, Kolkata and Chennai. Yesterday, the petrol prices were hiked by 9 paise a litre, while diesel prices were increased by 5 paise a litre. In the national capital, petrol is selling at Rs 71.86 a litre, whereas, diesel is being sold at Rs 66.69 a litre, according to the Indian Oil Corporation website.
In Mumbai, people need to shell out Rs 77.47 for one litre of petrol, while for diesel, they need to spend Rs 69.88 a litre. In Kolkata, petrol costs Rs 73.92 a litre, while diesel costs Rs 73.83 a litre. In Chennai, petrol is selling at Rs 74.59 a litre, while, diesel is being sold at Rs 70.50 a litre.
Crude oil is likely to trade in the range of Rs 4060-4196 per barrel on Wednesday. Crude oil prices gained yesterday amid rising US-China trade worries.Prices have been supported by supply cuts led by the OPEC since the start of the year. Beyond the OPEC cuts, US sanctions on petroleum exports from Iran and Venezuela have also tightened markets. OPEC and some allies including Russia are due to meet next month to discuss output policy going forward, according to Kedia Advisory.
India imports 80 percent of its oil needs and it is the third largest importer of Iranian oil. The crude oil prices rose on Tuesday amid supply cut by OPEC club and US sanctions on Iran and Venezuela fuel exports.Last week, both Brent crude and US WTI fell by 4.5 per cent and 6.4 per cent respectively. The international benchmark for oil Brent crude was last seen trading at $69.62 a barrel, 49 cents or 0.7 per cent down from the previous close, while US WTI was seen at $58.55 a barrel, 59 cents or 1 per cent lower than the last close.