2 hrs ago
Petrol and diesel prices hold steady across Indian cities
On October 8, state-run fuel companies did not change petrol or diesel prices in major Indian cities.
Prices still differed from city to city.
Nayara Energy had raised its prices earlier, by ₹5 for petrol and ₹3 for diesel per litre.
Meanwhile, oil prices around the world rose as people worried that conflict and attacks on shipping could disrupt supplies.
A key sea route, the Strait of Hormuz, is important for oil shipments.
The International Energy Agency has agreed to speed up the release of oil stocks.
One analyst said stored oil can help temporarily but cannot create new oil production.
US crude oil supplies also fell more than expected.
State-run oil companies kept petrol and diesel prices unchanged across major Indian cities on October 8.
Rates listed included ₹102.12 per litre for petrol and ₹95.20 for diesel in New Delhi.
Nayara Energy had raised petrol by ₹5 and diesel by ₹3 per litre on Saturday.
Brent crude rose to $101.53 a barrel, amid concern about Middle East supply disruptions and shipping risks.
US crude inventories fell by 3.2 million barrels in the week ended October 2, more than analysts expected.
- Who
- State-run oil marketing companies, Nayara Energy, and global oil-market participants.
- What
- State-run retailers held petrol and diesel prices steady across major Indian cities while global crude prices rose.
- Where
- Major Indian cities, amid oil-supply concerns in the Middle East and Gulf.
- When
- Thursday, October 8; the article does not specify the year.
- Why
- Domestic rates remained frozen despite higher global oil costs; the article attributes rising crude prices to supply and shipping concerns.
Hold prices
Pass on higher costs
Retail fuel pricing
Hold prices
State-run retailers kept petrol and diesel prices unchanged on October 8 despite higher global oil costs.
Pass on higher costs
Nayara Energy had raised petrol by ₹5 and diesel by ₹3 per litre, passing some higher international costs to consumers.
Strategic oil stock releases
Hold prices
The International Energy Agency agreed to accelerate oil-stock releases and prioritize diesel supplies to address high prices and disruptions.
Pass on higher costs
ANZ strategist Daniel Hynes said stock releases can temporarily augment supply but do not create new production capacity; he also said the release may consist of barrels already included in the original plan.
Key facts
- New Delhi prices
- Petrol ₹102.12 and diesel ₹95.20 per litre.
- Mumbai prices
- Petrol ₹111.21 and diesel ₹97.83 per litre.
- Nayara Energy price increases
- Petrol rose ₹5 and diesel ₹3 per litre on Saturday.
- Brent crude
- $101.53 a barrel, up $1.33 or 1.33% at 0116 GMT.
- US West Texas Intermediate
- $89.39 a barrel, up $1.11 or 1.26%.
- US crude inventories
- Fell 3.2 million barrels to 424.1 million barrels in the week ended October 2.
- Analysts' inventory forecast
- A Reuters poll had expected a decline of 1.7 million barrels.
Quotes
Daniel Hynes
Senior commodity strategist at ANZ
“Ultimately, strategic stock releases can augment supply flows temporarily but do not create new production capacity.”
livemint.com
Sources
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