No change in diesel price for 4th day in row; check rates in metro cities
For the Indian government, fuel is a major generator of revenue and that is why authorities have been reluctant to provide relief.
Just like petrol, the state-owned Oil Companies today kept prices of diesel unchanged in various state capital of India today. Interestingly, there has been no relief in diesel price for fourth consecutive day now, while petrol price did between 8 paisa to 9 paisa cut in previous day. Keeping diesel price unchange is also surprising because international crude oil prices slipping by over $2 a barrel Friday after two of the world`s biggest producers indicated they might increase output at next week`s OPEC meeting, while U.S. exports were threatened by potential Chinese tariffs on crude oil and refined products. With many state elections expected in the late 2018s, it has become very important for the NDA government to bring in relief for fuel products prices which were at record high last month.
Today, diesel price in New Delhi was down to Rs 67.85 per litre.
Similarly, diesel price in Kolkata was ruling at Rs 70.40 per litre today. This city has clocked over Rs 72 per litre rate after Mumbai and Chennai respectively.
India's financial hub Mumbai was selling 1 litre diesel at Rs 72.24 today.
In Chennai, the productwas available at Rs 71.62 per litre today.
Meanwhile, 1 litre diesel in other cities stood at Rs 68.97 in Bangalore, Rs 71.41 in Bhopal, Rs 72.73 in Bhubaneswar, Rs 65.89 in Chandigarh, Rs 68.18 in Dehradun, Rs 73.75 in Hyderabad, Rs 72.26 in Jaipur, Rs 68.00 in Lucknow, Rs 72.53 in Patna, Rs 73.25 in Raipur and Rs 71.24 in Srinagar.
According to a Reuters report, oil investors have been nervous ahead of the coming OPEC summit in Vienna. Saudi Arabia and Russia have already boosted production modestly, and have indicated they were prepared to increase output at that meeting.
Therefore, Brent crude oil fell $2.50, or 3.29 percent to settle at $73.44 a barrel. U.S. crude settled $1.83 lower at $65.06 a barrel. In post-settlement trading, U.S. crude retreated further, falling 2.25, or 3.4 percent, to $64.64 a barrel. Brent crude was on track to end the week down more than 4 percent, while U.S. crude was heading to fall 1.7 percent.