No change in diesel price today, despite drop in crude oil; check what you pay 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.
Like petrol, the state-owned Oil Companies did not make any change in the price of diesel in various state capitals of India. This status quo comes in after 14th consecutive days’ aggressive cut in diesel prices. This product in the month of May rose to a record high never witnessed in India's history. Interestingly, no change dilemma in diesel price comes despite international crude oil prices pulled down by rising supplies in the United States and expectations that voluntary output cuts by producer cartel OPEC could be loosened. With assembly elections expected in many states in the late 2018s, it has become very important for the NDA government to bring in relief for fuel products prices.
Today, diesel price in New Delhi was at Rs 67.85 per litre.
Similarly, diesel price in Kolkata was ruling at Rs 70.40 per litre. This city has clocked over Rs 72 per litre rate after Mumbai and Chennai respectively.
India's financial hub Mumbai is now selling at new price of Rs 72.24 per litre.
In Chennai, the product was available at Rs 71.62 per litre today.
Meanwhile, 1 litre diesel in Bangalore stood at Rs 69.02, 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, the Organization of the Petroleum Exporting Countries (OPEC), together with some non-OPEC producers including Russia, started withholding output in 2017 to reduce a global supply overhang and push up prices.
Therefore, Brent crude futures , the international benchmark for oil prices, were at $75.49 per barrel at 0005 GMT, down 39 cents, or 0.5 percent, from the last close. US West Texas Intermediate (WTI) crude futures were at $65.92 a barrel, down 44 cents, or 0.7 percent from their last settlement.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.