Oil Dilemma
India’s growing fuel demand and its call for increased oil output from OPEC+ reflect the country’s evolving energy needs.
India’s growing fuel demand and its call for increased oil output from OPEC+ reflect the country’s evolving energy needs.
The price of Brent crude had fallen to around $87 per barrel on Wednesday following higher US inventories and the decline in Chinese demand due to a slowing economy.
Oil prices steadied after falling sharply in the previous session, as concerns eased about shipping disruptions along the Red Sea route even as tensions in the Middle East continued to rise, media reports said.
Oil prices jumped by 4 per cent on Monday on concerns that the situation in Israel and Gaza could disrupt output from the Middle East.
Oil prices have soared about 20 per cent since late June but they could go even higher this year if…
Rates were hiked on two consecutive days - totalling 49 paise for petrol and 51 paise for diesel - before they hit a pause button again.
The March contract of Brent on the Intercontinental Exchange (ICE) was at $54.70 a bbl, higher by 0.74 per cent from its previous close.
Domestic fuel prices have been largely subdued off late due to low crude oil prices as global oil demand has been hit amid the pandemic.
Domestic fuel prices have been largely subdued off late due to low crude oil prices as global oil demand has been hit amid the pandemic.
In the national capital, petrol price on Sunday stood at Rs 80.43 per litre and diesel at Rs 80.53 a litre, same levels as the last four days when OMCs went for a pause and kept the prices unchanged.
