Hedge funds are betting OPEC will struggle to reverse oil’s precipitous plunge. Their combined wagers against West Texas Intermediate and Brent crude soared for a seventh straight week, the longest global short-selling streak in data going back to 2011.
Fuel prices once again witnessed a decline on Friday in New Delhi and Mumbai owing to a reduction in the rates of crude oil. In New Delhi, petrol is being sold at Rs 77.10 per litre after a decrease of 18 paise, and diesel at Rs 71.93 per litre after a decrease of 16 paise.
State-run energy major Oil and Natural Gas Corp (ONGC) has informed the Ministry of Finance that it may defer the interim dividend plan for the current financial year 2018-19, as it can either pay interim dividend or buy back
India is planning a 25 percent to 30 percent hike in tariffs for local gas pipelines by end-December, an industry source with direct knowledge of the matter said on Wednesday.
While globally, the US crude oil prices have fallen as much as 18 percent in the past two weeks on the back of a surge in supply and increasing concerns about an economic slowdown, fuel prices in India have fallen about 2 percent in the same time period.
Petrol prices have been on a downward trend in the recent times, with the overall price cut exceeding Rs 5 in Delhi in less than a month. Notably, petrol prices have fallen from Rs 82.83 on October 17th to Rs 77.56 today, implying a cut of Rs 5.27.
Oil Marketing Companies (OMCs) have further reduced the fuel prices in the country. As per latest data, petrol prices have been reduced by 17 paise and diesel by 16 paise in the national capital.
Oil prices fell to multi-month lows on Friday as global supply increased and investors worried about the impact on fuel demand from of lower economic growth and trade disputes.
Petrol, diesel price cut continues, petrol rates down 21 paise in Delhi; how to check prices in your city
The oil marketing companies (OMCs) once again decreased the prices of petrol and diesel on Thursday amid softening global crude oil prices. The petrol and diesel prices in Delhi are Rs 78.21 per litre (decrease by Rs 0.21) and Rs 72.89 per litre (decrease by Rs 0.18), respectively.
The US has allowed India and seven other countries to temporarily keep buying Iranian crude oil despite sanctions against Tehran, calming fears of a possible jump in fuel prices if supplies from the Opec country were completely choked.