The state-run oil companies have cut the fuel prices across major cities on Thursday. The petrol and diesel prices fell across Delhi, Mumbai, Kolkata and Chennai. Petrol and diesel prices declined by 6 paise per litre in Delhi.
The state-run oil companies have cut the fuel prices across major cities on Thursday. The petrol and diesel prices fell across Delhi, Mumbai, Kolkata and Chennai. While the petrol prices declined by 6 paise per litre, diesel prices decreased by 6-7 paise per litre. In Delhi, petrol and diesel are selling at Rs 71.80 and Rs 66.63 respectively, 6 paise cheaper than yesterday’s rates. On Wednesday, the petrol and diesel prices remained unchanged across all the four cities.
In Kolkata, petrol and diesel are selling at Rs 73.86 a litre and Rs 68.39 a litre respectively, according to Indian Oil Corporation website. In Chennai, petrol is being sold at Rs 74.53 a litre, 6 paise less than yesterday’s price of Rs 74.59 a litre, whereas for diesel people need to shell out 7 paise less for one litre of diesel, as it is selling at Rs 70.43 per litre. In Mumbai, while petrol is costing Rs 77.41 a litre, diesel is retailing at Rs 69.82 per litre.
India imports 80 per cent of its oil needs and it is the third largest importer of Iranian oil. The crude oil prices surged on Thursday amid supply cuts by OPEC club and dip in US inventories. While the Brent crude was last seen at $69.71 per barrel, 26 cents or 0.37 per cent higher than the previous close, the US WTI was up 37 cents at $59.18 per barrel from the previous close.
Crude oil is likely to trade in the range of Rs 3931-4225 per barrel on Thursday. Worries about U.S.-China trade tensions have escalated after reports suggested that China is considering restricting exports of rare earth elements. API reported a large draw in crude oil inventory of 5.265mbls for the week ending May 24. Oil pared losses as a pipeline that drains crude from the key Cushing, Oklahoma, supply hub was said to be ready to restart, according to Kedia Advisory.