Oil Marketing Companies (OMCs) have kept petrol and diesel prices stable on July 9. There has been no change in the prices of petrol and diesel in the country since May 21, even amidst the fluctuating crude oil prices in the international market.
Petrol prices in metro cities are as follows:
Petrol price in Delhi today 96.72 per liter 105.41 per liter before the excise duty cut, and is at the cost of diesel 89.62 per liter against 96.67.
petrol is available in mumbai 111.35 and diesel 97.28 per liter
petrol is available in chennai 102.63 & Diesel 94.24 per liter
petrol is available in kolkata 106.03 & Diesel 92.76 per liter.
Meanwhile, the price of LPG LPG was increased on Wednesday. 50 per cylinder, which was the eighth increase in rates in the last one year taking the cumulative increase to 244.
Now the price of non-subsidized LPG 1,053 per 14.2 kg cylinder in the national capital, above 1,003 earlier, as per the price notification of state-owned fuel retailers.
Meanwhile, on international news, oil posted a weekly decline as volatile trade and bearish fears affected a fundamental supply picture.
West Texas Intermediate crude futures rose above $104 a barrel on Friday, but that was not enough to stop a weekly decline of 3.4%. Investors are concerned that restrictive US monetary policy could trigger a recession. Still, physical cues remain strong, particularly in the US, where quick time spreads, which closely reflect the supply and demand balance at the nation’s largest storage center in Cushing, Oklahoma, hit their highest levels in the first week of March. reached at.
“We believe that the global economy is still growing and it is premature to succumb to recessionary concerns for commodities due to a lackluster market,” analysts at Goldman Sachs Group Inc., including Jeffrey Curry, said in a note to clients.
Crude oil’s volatile trade means it is well below last month’s highs, but is still up more than 35% this year after Russia’s invasion of Ukraine. The complex market outlook has prompted banks to offer different scenarios for prices, with Goldman Sachs remaining broadly bullish, while Citigroup Inc. has said the commodity faces a significant downside risk.
(with inputs from Bloomberg)