Petrol and diesel prices held steady on July 31, 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 12, 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.
Tullow Oil in talks with Indian groups over Kenyan project
Executives from Tullow Oil held talks with India's ONGC Videsh Ltd in Nairobi this week as the London-based firm seeks a strategic investor for its onshore oil project in Kenya, the company said on Saturday.
A senior official at Kenya's Ministry of Petroleum and Mines tweeted earlier this week that ministry officials had met the Indian High Commissioner to Kenya along with representatives of ONGC Videsh, the overseas investment arm of Oil and Natural Gas Corp, and Indian Oil Corporation Limited.
"The meeting was positive and the parties agreed to hold further discussions in the coming weeks," Africa-focused Tullow said in a tweet about the meeting, adding that the talks had been hosted by the ministry of petroleum and mines.Africa-focused Tullow said earlier in July it was confident it could make substantial progress to find an investor for its onshore oil project in the East African country in the second half of the year. (REUTERS)