Petrol prices were reduced by 11 paise and diesel prices by 10 paise, applicable from 6:00 a.m. on 21st June 2018. The reduction in diesel prices come after a pause of four consecutive days.
On Thursday, state-owned oil retaikers slashed diesel and petrol prices in the range of 11-14 paise in the four metro cities.
OPEC’s leader Saudi Arabia and Russia were trying on Thursday to convince fellow oil producers to raise output from July to meet the rising global demand, with Iran still signalling it would support only a modest increase in supply.
Every $10 per barrel rise in the price of crude oil raises working capital cost by about Rs 500 crore per year and cost of fuel consumed internally by $0.9 per barrel for Indian Oil Corp, its finance chief has said.
RBI Governor Urjit Patel voted for interest rate hike citing inflation risks and related uncertainties while his deputy Viral Acharya felt there was no alternative to it by 25 basis points, as per the minutes of the MPC meeting released today.
Oil prices fell on Thursday as Iran signalled it could be won over to a small rise in OPEC crude output, potentially paving the way for the producer cartel to agree a supply increase during a meeting on Friday.
Oil markets are bracing for a reshuffle of global trade flows as China threatens to impose tit-for-tat tariffs on imports of U.S. energy products, including crude.
For OPEC, over-compliance with its supply-cutting deal is a nice problem to have. Once known for rampant cheating on agreed oil output targets, the Organization of the Petroleum Exporting Countries has been over-delivering on a pact in place since January 2017, cutting around one and a half times the promised amount.
Iran signalled on Wednesday it could compromise on a small increase in OPEC oil output when the group meets this week, as Saudi Arabia scrambled to convince fellow members on the need for a larger rise in production.
Oil Minister Dharmendra Pradhan today said the Organization of Petroleum Exporting Countries (OPEC) being a dominant supplier of crude oil has the responsibility to maintain supply equilibrium.