There is no relief for the common man from fuel price rise as petrol became dearer by 6 paise while diesel rates declined by 11 paise in major cities across the country on Monday.
After the price revision on Monday, petrol was sold in Delhi at Rs 72.46 per litre, Mumbai Rs 78.09, Chennai Rs 75.25 and Kolkata Rs Rs 74.54 per litre according to data available on Indian Oil Corporation website.
Similarly, diesel was retailed in Delhi at Rs 67.44 per litre, Mumbai Rs 70.65, Chennai Rs 71.27 and Kolkata Rs 69.23 per litre, said the website.
Media reports said petrol and diesel prices crossed Rs 80 and Rs 72 respectively in certain parts of Maharashtra. Petrol crossed the Rs 80-mark in Maharashtra's Parbhani where the fuel was sold at Rs 80.06 a litre on Sunday, said a report in The Times of India. On Monday, it went up to Rs 80.12 a litre.
Diesel prices went past Rs 72-mark in Nandurbar where the fuel was retailed at Rs 72.02 per litre on Sunday.
Petrol price in Delhi has gone up by Rs 2.12 a litre, while diesel rates rose by Rs 2.03 in the past one month alone.
Crude oil rates up
International rates of crude oil have risen on hopes of the United States and China ending a trade war that has slowed down the global economic growth and Organisation of the Petroleum Exporting Countries (OPEC) ally Russia saying it would ramp up its crude supply cuts, a Reuters report said.
Meanwhile, Saudi oil minister Khalid al-Falih said on Sunday that it would be too early to change OPEC+ output policy at the group’s meeting in April. China and the US would lead healthy global demand for oil this year, according to Reuters.
The OPEC and its allies such as Russia—known as the OPEC+ alliance—will meet in Vienna on 17-18 April, with another gathering scheduled for 25-26 June.
Falih said the group was unlikely to change its output policy in April and if required would make adjustments in June.
“We will see what happens by April, if there is any unforeseen disruption somewhere else, but barring this I think we will just be kicking the can forward,” Falih said, Reuters reported.
“We will see where the market is by June and adjust appropriately,” Falih said after a meeting with Oil Minister Dharmendra Pradhan in New Delhi.
OPEC member United Arab Emirates (UAE) said on Sunday it would continue to meet its obligations to cut supply under the producer agreement.
“We will continue to deliver on the OPEC and non-OPEC commitment for voluntary production adjustments until the global market is re-balanced,” Minister of Energy and Industry Suhail al-Mazrouei said on Twitter.
On 1 January, OPEC+ began new production cuts to avoid a supply glut that threatened to soften prices. The group agreed to reduce supply by 1.2 million barrels per day (bpd) for six months.
Sources recently said the most likely scenario is that the current supply cuts will be extended in June but much depends on the extent of US sanctions on OPEC members Iran and Venezuela.
OPEC’s share of the cuts is 800,000 bpd, to be delivered by 11 members—all except Iran, Libya and Venezuela, which are exempt. The baseline for the reduction was in most cases their output in October 2018.
For Saudi Arabia, the world’s top oil exporter, Falih said output in April was expected to remain at this month’s level of 9.8 million bpd.
“Aramco is finalising their April allocations today [Sunday] or tomorrow so we will know more on Monday. But my expectation is that April is going to be pretty much like March”.
Pradhan asked world's largest oil exporter Saudi Arabia to play an active role in keeping rates at a reasonable level as the oil prices is on the boil just as the general elections were announced on Sunday, said a PTI report on Sunday.
Pradhan raised the issue of rising oil prices with the visiting Al-Falih on Sunday night and sought a role of the Kingdom in cooling rates.
"Shared my concern on the rising oil prices and sought active role to be played by Saudi Arabia for keeping oil prices at reasonable level," he tweeted after the meeting.
An official statement issued stated: "During the meeting, Pradhan referred to Saudi Arabia's pre-eminent role as a leading producer of crude oil in the world, and in maintaining global oil market balance."
"He raised concerns about increasing trend in global crude oil prices. He also pointed to the need for uninterrupted supplies of crude oil and LPG to India in view of the OPEC-plus (decision to) cut (output)," it said.
Both ministers, it said, also discussed about the possible adverse impact of recent geopolitical developments on global oil market.
It, however, did not say about the Saudi oil minister's response to India's demand.
— With inputs from agencies
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Updated Date: Mar 11, 2019 13:21:54 IST