Petrol and diesel prices held steady across metro cities on February 7, the latest price notification issued by fuel retailers showed.
Petrol and diesel in Delhi cost Rs 96.72 per litre and Rs 89.62 a litre, respectively. In Mumbai, petrol is being sold for Rs 106.31 per litre and diesel for Rs 94.27 per litre.
Petrol and diesel are priced at Rs 102.63/litre and Rs 94.24/litre in Chennai and at Rs 106.03/litre and Rs 92.76/litre in Kolkata, respectively.
The Union Budget for 2023-24 announced investment of Rs 30,000 crore to state-owned fuel retailers to make up for the massive losses they ran because of holding petrol and diesel prices despite rise in cost in a bid to help the government contain inflation.
In another news, oil prices rose for a second day on Tuesday on supply concerns after an earthquake shuttered a major export terminal in Turkey and a field in the North Sea shut unexpectedly, while demand in China, the world's biggest importer, looks set to increase.
Brent crude futures rose 40 cents, or 0.5%, to $81.39 per barrel by 0117 GMT, while West Texas Intermediate futures rose 43 cents, or 0.6%, to $74.54 per barrel.
Operations at Turkey's oil terminal in Ceyhan halted after a major earthquake hit the region. The facility can export up to 1 million barrels per day (bpd) of crude.
The BTC terminal, which exports Azeri crude oil to international markets, will be closed on Feb. 6-8 while operators assess earthquake damage, a Turkish shipping agent said.
Daniel Hynes, senior commodity strategist at ANZ bank in Sydney pointed, in a note, to the Ceyhan closure and the shutdown of the 535,000-bpd Phase 1 of the Johan Sverdrup oil field in Norway's area of the North Sea as the main drivers for pushing prices higher.
(With Inputs from Reuters)
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