OIL & GAS

Petrol, diesel prices unchanged for third consecutive day

For third consecutive day, petrol and diesel prices remain unchanged on Wednesday according to information provided by the country’s largest fuel retailer.

A litre of diesel will now cost Rs 67.80 in Mumbai, and Rs 64.70 in Delhi. While a litre of petrol is priced at Rs 77.67 in Mumbai, and Rs 72.01 in Delhi. The prices of petrol and diesel are revised daily. The Petroleum companies revise petrol and diesel prices on the idea of crude prices within the international market, which is why prices vary according to the company.

In a worrying sign for the worldwide economy, the deadly coronavirus is fast spreading beyond China. Amid coronavirus fears, the crude oil prices on Tuesday went up by Rs 70 to Rs 3,732 per barrel as speculators increased their holdings driven by firm trend overseas.

Though coronavirus fears gripped the world, on the Multi commodities exchange, petroleum traded higher by Rs 70, or 1.91 per cent, to Rs 3,732 per barrel in 45,390 lots. Crude oil for April delivery was up by Rs 69, or 1.87 per cent, to Rs 3,758 per barrel with an open interest of 717 lots. Globally, West Texas Intermediate was trading higher by 0.45 per cent at USD 51.66 per barrel.

India, which is 83 per cent dependent on imports to meet its oil needs, bought 111.4 million tonnes of crude oil from overseas during April-September. Saudi Arabia has traditionally been India’s top oil source but has been relegated to the second spot

Source
freepressjournal
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