Petrol, diesel prices reduced by up to 20 paise after remaining stable for two days; crude recovers from lowest level
Crude oil prices declined below $55 per barrel in the past couple of days on oversupply concerns and fear of weak global growth.
Petrol and diesel prices declined up to 20 paise across major cities of the country on Friday after fuel rates remained stable for two consecutive days.
Following the price cut, petrol on Friday was sold in Delhi at Rs 70.46 per litre, Mumbai Rs 76.08, Chennai Rs 73.11 and Kolkata Rs 72.55 a litre. Diesel is retailed at Rs 64.39 in Delhi per litre, Mumbai Rs 67.39, Chennai Rs 67.98 and Kolkata Rs 66.15 per litre, according to data on Indian Oil Corporation website.
Crude prices declined below $55 per barrel in the past couple of days on oversupply concerns and fear of weak global growth.
Meanwhile, oil prices climbed on Friday after tumbling 5 percent in the last session with Organisation of the Petroleum Exporting Countries (OPEC) production cuts that start next month seen being deeper then previously expected, said a report in Mint.
Benchmark Brent crude futures were up 1.51 percent at $55.17 per barrel, recovering from losses of $2.89 per barrel the session before. US West Texas Intermediate (WTI) crude futures rose 1.53 percent, or 70 cents, to $46.58 per barrel, said the report.
Oil prices fell about 5 percent on Thursday, hitting their lowest level in more than a year on worries about oversupply and the outlook for energy demand as a US interest rate rise knocked stock markets, said a report in Moneycontrol
Brent crude futures fell $2.89, or 5.05 percent, to settle at $54.35 a barrel. US West Texas Intermediate (WTI) crude futures fell $2.29, or 4.75 percent, to settle at $45.88 a barrel, said the report.
Serpentine queues of cars and two-wheelers were seen in most parts of Khyber Pakhtunkhwa after a reduction in supplies by oil marketing companies
Pakistan is facing one of its worst economic crises. Now it has increased the price of petrol and diesel by Rs 35 per litre, as it looks to secure the next tranche of the IMF bailout package. For citizens already struggling with inflation, this comes as another jolt
Diesel prices have already jumped since the war started on 24 February, and they could rise again for the fuel that is key to the global economy