Petrol and diesel prices held steady on July 30, 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 in Delhi costs Rs 96.72 and diesel Rs 89.62 a litre. 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 respectively.
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.
Oil up over $2/bbl as hopes fade for OPEC+ supply boost
Oil prices rose more than $3 a barrel on Friday as attention turned to next week's OPEC+ meeting and expectations that the producer group will imminently boost supply dimmed.
Petrol & Diesel Rates Aug 16, 2022
Brent crude futures contract for September, which expire on Friday, settled at $110.01 a barrel, gaining $2.87, or 2.7%. The more active October contract was up $2.14, or 2.1%, at $103.97.
US West Texas Intermediate (WTI) crude futures settled at $98.62 a barrel, rising $2.20, or 2.3%.
Both contracts were set for a weekly rise but also on track for a second monthly loss, with Brent down about 4% for July and WTI down nearly 7%.
Oil pared some gains after the release of data from oil services firm Baker Hughes, which showed that US drillers added crude rigs for a record 23 months in a row, indicating more supply ahead.
In July, the oil rig count rose 11, increasing for a record 23rd month in a row, while the gas count was unchanged after rising for 10 straight months, the Baker Hughes data showed.
Stronger stock markets supported oil, as did a weaker dollar, which makes oil cheaper for buyers with other currencies.
"These days, there has been a lot of macro influences on the oil market with the stock market making a nice rebound and a similar fall in the dollar feeding into (today's prices)," said John Kilduff, partner at Again Capital LLC.
Global equities, which often move in tandem with oil prices, were up on the hope that disappointing growth figures would encourage the US Federal Reserve to ease up on monetary tightening.
A Reuters survey forecast Brent would average $105.75 a barrel this year with US crude averaging $101.28.Front-month Brent futures are selling at a rising premium to later-loading months, a market structure known as backwardation, indicating tight current supply. (Reuters)