Petrol and diesel prices held steady on August 12, the latest price notification issued by fuel retailers showed. Fuel prices have stayed unchanged for more than a month.
Petrol in Mumbai is being sold for Rs 106.31 per litre and diesel for Rs 94.27. Petrol and Diesel in Delhi costs Rs 96.72 and Rs 89.62 a litre, repsectively. Petrol and diesel are priced at Rs 102.63 and Rs 94.24 in Chennai and at Rs 106.03 and Rs 92.76 in Kolkata.
Oil marketing companies are reportedly incurring a loss of Rs 13.08 a litre on petrol and Rs 24.09 on diesel. India meets 80 percent of its fuel needs through imports.
Rs 50,000 crore forex saved by blending ethanol with petrol in 7-8 years: PM Modi
Prime Minister Narendra Modi on Wednesday said the country saved Rs 50,000 crore in foreign exchange by blending ethanol with petrol in the last seven-eight years.
Dedicating the second-generation ethanol plant of India Oil Corporation to the nation in Panipat, Haryana, PM Modi said that the same amount of Rs 50,000 crore has gone to farmers.
PM Modi, who addressed the gathering through video-conferencing, said the ethanol plant worth Rs 900 crore will provide a permanent solution to the problem of stubble burning in farms. Besides, stubble will become a source of income for farmers, Modi said, adding that ethanol production has increased from 40 crore litres to 400 crore litres in eight years.
Oil prices on track for weekly gain as recession fears ease
Oil prices dipped in early trade on Friday amid uncertainty on the demand outlook based on contrasting views from OPEC and the International Energy Agency (IEA), but benchmark contracts were headed for weekly gains as recession fears eased.
Brent crude futures fell 34 cents, or 0.3%, to $99.26 a barrel at 0112 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell 34 cents, or 0.3%, to $94.00 a barrel.
Brent was on track to climb more than 4% for the week, recouping part of last week's 14% tumble, its biggest weekly decline since April 2020 amid fears that rising inflation and interest rate hikes will hit economic growth and fuel demand.
WTI was heading for a weekly gain of more than 5%, recouping about half of the previous week's loss.
OPEC sees global oil market tipping into surplus this quarter
OPEC expects global oil markets to tip into surplus this quarter as it downgraded the outlook for demand and bolstered estimates for rival supplies.
The Organization of Petroleum Exporting Countries cut forecasts for the amount of crude it will need to pump in the third quarter by 1.24 million barrels a day to 28.27 million a day, according to its latest monthly report. That’s about 570,000 barrels a day less than OPEC’s 13 members pumped in July.