Petrol, diesel prices go up; crude oil rates steady amid concerns of rising supplies, signs of slowing demand

After rallying for eight days in a row, petrol and diesel prices remained unchanged on Wednesday even as crude oil declined for the consecutive second day in the international market the same day.

FP Staff September 26, 2019 11:58:38 IST
Petrol, diesel prices go up; crude oil rates steady amid concerns of rising supplies, signs of slowing demand
  • In Delhi, petrol was selling at Rs 74.19 per litre, Mumbai Rs 79.85, Kolkata Rs 76.88 and in Chennai at 77.12 per litre on Thursday

  • Since the beginning of this year, petrol prices have gone up by Rs 5.54, while diesel rate has increased by Rs 4.48 in Delhi

  • OPEC Secretary-General Mohammed Barkindo said that Saudi Arabia's quick moves to restore output have been crucial to curbing oil price volatility

After fuel prices were stable for a day on Wednesday, petrol and diesel prices rose by 6 paise and 7 paise respectively in all major cities across the country on Thursday. Crude oil rates were steady after falling the previous two sessions on industry concerns about rising supplies and signs of slowing demand.

In Delhi, petrol was selling at Rs 74.19 per litre, Mumbai Rs 79.85, Kolkata Rs 76.88 and in Chennai at 77.12 per litre on Thursday. Diesel was priced in Delhi at Rs 67.14 a litre, Mumbai Rs 70.44, Kolkata Rs 69.56 and Chennai at Rs 70.98 per litre, according to data available on Indian Oil Corporation website.

Petrol prices crossed Rs 90-mark in Mumbai for the first time in September 2018 and touched a peak of Rs 91.34 on 4 October 2018. The rates of diesel had crossed Rs 80-mark in Maximum City during the same period.

Petrol diesel prices go up crude oil rates steady amid concerns of rising supplies signs of slowing demand

Representational image. Reuters.

Elsewhere, crude prices were little changed from Wednesday's decline after an unexpected rise in US inventory and a swift recovery in Saudi Arabia's output following the 14 September attacks on its oil infrastructure, reported AFP.

Brent crude futures were at $62.36 a barrel, down 3 cents, or 0.05 percent, from the previous close. US West Texas Intermediate (WTI) crude futures were 2 cents lower, or 0.04 percent, to $56.47 a barrel, reported Reuters.

Brent prices have dropped 3.6 percent since the close on Monday, while WTI is down 3.7 percent over the same period, weighed down by a surprise 2.4 million-barrel build in US crude inventories last week and a faster than expected recovery of Saudi production capacity after the attacks on its production plants.

Prices found slight support on hopes that the US-China trade dispute may ease, potentially boosting oil demand.

Meanwhile, Organisation of the Petroleum Exporting Countries (OPEC) Secretary-General Mohammed Barkindo said on Thursday that Saudi Arabia’s quick moves to restore output have been crucial to curbing oil price volatility after the global oil market had been shaken up following the attacks on some of its facilities.

Barkindo said an extraordinary meeting of OPEC members and fellow oil exporters was not on the cards as Saudi Arabia has restored the bulk of its supply and the incident was “behind us”.

The group remains focused on maintaining oil price stability and “will do whatever it takes to insulate oil from politics”, he said.

Barkindo also said OPEC expected robust long-term growth in oil demand, especially from developing nations.

Oil rallied last week following a crippling attack on Saudi Arabia’s oil installations that disrupted supplies from the world’s top exporter. To meet its supply obligations to Saudi refineries overseas, Saudi Aramco is buying oil from other Middle East producers.

With inputs from agencies

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