Petrol and Diesel prices remain steady as India is unlikely to support price caps on Russian oil

Global oil prices have gone up with disrupted supply, but not too much due to fears of low demand in China.

FPJ Web DeskUpdated: Tuesday, October 18, 2022, 12:12 PM IST
article-image
Representative image | File

Global crude oil prices have gone up globally amid disruptions in supply and a weaker US dollar, but concerns over lower demand from China have contained the spike. The supply has been cut by OPEC+ as an ally of Russia, even as the US has accused Saudi Arabia of pressuring other member nations into supporting the move. But fuel prices in India have remained unchanged, as the country looks to diversify its oil imports.

How much must you pay across cities?

The rate of petrol in Delhi is steady at Rs 96.72 per litre, while diesel stayed at Rs 89.62 a litre.

A litre of petrol in Mumbai is available at Rs 106.31, and for diesel consumers have to pay Rs 94.27 a litre.

Petrol in Chennai, Bengaluru and Kolkata is retailing at Rs 102.63, Rs 101.94 and Rs 106.03 per litre respectively. While diesel is selling at Rs 94.24, Rs 87.89 and Rs 92.76 for a litre in those cities.

Oil firms to find much needed support?

India is continuing to buy discounted oil, and is unlikely to support the US-led coalition’s price caps, meant to curb funding for Russia. Bogged down by record losses of more than Rs 18,000 crore in the first quarter of 2022, state-owned oil firms may soon get a one time compensation of Rs 22,000 crore.

On the global stage, close to 50 per cent voters in the US are in support of the NOPEC bill, which will remove protection from lawsuits for OPEC+ member countries. This comes after Saudi Arabia-led oil producers sided with Russia to cut oil supply.

(To receive our E-paper on whatsapp daily, please click here. To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

RECENT STORIES

ASK Group books profits worth Rs 830 cr from equity funds focusing on real estate

ASK Group books profits worth Rs 830 cr from equity funds focusing on real estate

NCLT reserves order on Jaypee Infra's acquisition by Suraksha Group

NCLT reserves order on Jaypee Infra's acquisition by Suraksha Group

India needs to train one lakh drone pilots by 2023: Union Minister Anurag Thakur

India needs to train one lakh drone pilots by 2023: Union Minister Anurag Thakur

Number of unicorn startups in India down to 85 from over 100 in 2 months

Number of unicorn startups in India down to 85 from over 100 in 2 months

Real estate sector has lowest rate of bankruptcy case resolutions

Real estate sector has lowest rate of bankruptcy case resolutions