2023-08-27 02:01:00
The central government is not overly dependent on any country supplying crude oil for the country’s fuel needs. India is also not overly dependent on Russia, which supplies cheap oil. Sources of oil purchases for the country have been diversified. Union Petroleum & Natural Gas Minister Hardeep Singh Puri said that many countries are approaching India with the promise of lower prices. In an interview with CNBC channel, India’s crude oil purchase policy was clarified.
Crude oil trading
Crude has seen extreme volatility in trading over the past week. While the first half of the week saw a setback, the second half saw an improvement in crude oil prices. With this, the loss suffered in the first half was almost compensated. The Brent crude futures contract on the Intercontinental Exchange (ICE) closed down 0.4 percent at $84.50 last week. Meanwhile, crude oil futures on the Multi Commodity Exchange (MCX) lost 3.3 percent to close at Rs 6,503.
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influencing factors
As the US Federal Reserve has hinted at raising key interest rates once more, the dollar is strengthening and US bond yields are rising. But declines and setbacks in U.S. fuel production over the past two days have pointed the way forward. The Energy Information Administration (EIA) reported a 6.1-lakh-barrel production shortfall in the US for the week ending August 18, while it had expected a decline of up to 2.9-lakh barrels.
Fuel cost
No significant change was reported in fuel prices in major cities of the country today. Petrol price in Delhi city remains Rs 96.72 per liter and diesel price remains at Rs 89.62. In Mumbai, petrol price is Rs 106.31 and diesel price is Rs 94.27. Petrol price in Kolkata is Rs 106.03 and diesel price is Rs 92.76. In Chennai, petrol price remains at Rs 102.63 and diesel at Rs 94.24.
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Meanwhile, petrol and diesel prices in Kerala remain unchanged on Sunday. In Thiruvananthapuram, the price of a liter of petrol remains at Rs 109.73 and diesel at Rs 98.53. Petrol price in Kochi remains unchanged at Rs 107.78 and diesel at Rs 96.70. In Kozhikode, the price of petrol was recorded at Rs 108.28 and diesel at Rs 97.20.
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