Fuel prices on April 23: Petrol and diesel rates remain unchanged

Oil marketing companies (OMCs) did not change the fuel prices on April 23. Therefore, the petrol and diesel rates continue to remain the same at the prevailing prices in major metros across India.

Oil marketing companies (OMCs) did not change the fuel prices on April 23. Therefore, the petrol and diesel rates continue to remain the same at the prevailing prices in major metros across India.

In Delhi, petrol costs Rs 96.72 per litre while diesel is selling at Rs 89.62 a litre. On the other hand, in Mumbai, petrol is retailing at Rs 106.31, while diesel prices are Rs 94.27.

In Chennai, prices of petrol and diesel stood at Rs 102.63/litre and Rs 94.24/litre, respectively, while in Kolkata both fuels are priced at Rs 106.03/litre and Rs 92.76/litre, respectively.

V Srikanth, Chief Financial Officer, Reliance Industries Ltd said that the recent oil production cut announced by the Organisation of Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, might impact demand if prices remain high.

“The challenges that we have to look out for is that if there are oil production cuts and prices go up whether it has an impact on demand. One would also look out for any increase in product exports from China,” Srikanth said.

Crude oil prices have been on an upward trajectory since the OPEC announcement. US benchmark Brent crude, which had slumped to $72 per barrel, is now trading around $85 per barrel.

The CFO also said that the company will also monitor potential economic contraction in EU and US as it may impact India’s downstream exports.

Indian gas market outlook remains positive due to lower global prices and higher domestic gas availability, said Srikanth.

Lower global prices make gas more competitive and give more choices to buyers, he added.