
Petrol and diesel prices on October 5: Like most days, oil marketing companies kept the petrol and diesel prices constant or at the same level on October 5, Thursday.
In Delhi, the price of petrol on Thursday is Rs 96.72 per litre, while diesel is being sold at Rs 89.62 per litre.
In Mumbai, petrol is available for Rs 106.31 per litre, while diesel can be purchased for Rs 94.27 per litre.
In Kolkata, the cost of petrol amounts to Rs 106.31 per litre, with diesel priced at Rs 92.76 per litre. In Chennai, petrol is available at Rs 102.63 per litre, while diesel can be obtained at Rs 94.24 per litre.
The fuel prices saw some revision in Maharashtra, Jammu and Kashmir, Madhya Pradesh, Odisha, Telangana Chhattisgarh, Uttar Pradesh, West Bengal, and Rajasthan.
The fuel prices were revised downwards in Maharashtra. The petrol prices fell by 64 paise, while the price of diesel came down by 62 paise here. Petrol has become cheaper by 24 paise and diesel by 23 paise in Haryana. Also in Jharkhand, the prices of petrol and diesel have gone down by 26 paise. Besides, prices of petrol and diesel have also fallen in Jammu and Kashmir, Madhya Pradesh, Odisha and Telangana.
On the other hand, in West Bengal petrol has become costlier by 48 paise and diesel by 45 paise. Even in Punjab, petrol is being sold costlier by 36 paise and diesel by 34 paise. The prices were also increased by 36 paise in Punjab.
Public sector Oil Marketing Companies (OMCs) including Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise their petrol price and diesel prices daily in line with international benchmark prices and forex rates.
Petrol: Rs 101.94
Diesel: Rs 87.89
Petrol: Rs 98.65
Diesel: Rs 90.05
Petrol: Rs 102.86
Diesel: Rs 94.46
Petrol: Rs 96.66
Diesel: Rs 89.54
Petrol: Rs 106.03
Diesel: Rs 92.76
Petrol: Rs 96.57
Diesel: Rs 89.76
Petrol: Rs 106.31
Diesel: Rs 94.27
Petrol: Rs 96.72
Diesel: Rs 89.62
Noida (Gautam Buddha Nagar)
Petrol: Rs 96.79
Diesel: Rs 89.96
Petrol: Rs 96.58
Diesel: Rs 89.75
Meanwhile, Shell India has hiked diesel prices by as much as Rs 20 per litre in less than a week. In comparison, the dominant public sector fuel retailers continue to keep rates on freeze for a record 18th month in a row.
With international oil prices hovering around $90 per barrel, the India unit of the world’s second-largest oil and gas company last week started raising fuel prices by Rs 4 per litre every day, company dealers and industry sources said.
The result is Shell India, whose 346 petrol pumps are mostly concentrated in the southern and western states, is now selling diesel at Rs 130 per litre in Mumbai and Rs 129 in Chennai.
Crude oil prices
Crude oil prices took a substantial hit on Wednesday as announcements from Saudi Arabia and Russia to extend crude output cuts through the end of 2023 couldn't offset concerns about weakening demand due to broader economic challenges. Benchmark US crude added 53 cents to $84.75 a barrel. It fell $5.01 to settle at $84.22 per barrel Wednesday in its biggest drop in just over a year. It was hovering near $70 a barrel and has been been pulling back since topping $93 last week.
Brent crude, the international standard, gained 61 cents to $86.42.
Oil prices fell after the Energy Information Administration reported a 4.6 million barrel increase in commercial petroleum products. Inventories of gasoline rose to above average.
Both international oil benchmarks initially showed signs of uptick, but eventually gave up gains in a similar trend seen on last Friday. With the US dollar reaching fresh ten-month highs against a basket of peer currencies, commodity prices, including oil, have come under pressure thus making it more expensive for buyers using other currencies.
"Oil prices are also under pressure as a key oil pipeline between Iraq and Turkey appears ready for operations this week. This development could lead to additional oil flows and potentially ease global supply constraints. Markets are looking ahead to an OPEC+ meeting scheduled for the week. We expect crude oil prices to remain volatile in today’s session. Crude oil has support at $86.10–85.40 and resistance is at $87.90–88.50 in today’s session. In INR Crude oil has support at Rs 7,350-7,240, while resistance is at Rs 7,640–7,720," said Rahul Kalantri, VP Commodities, Mehta Equities Ltd.
Meanwhile, Union Minister for Petroleum and Natural Gas Hardeep Singh Puri has said India will be able to manage oil prices above $100 per barrel, but it could lead to "organised chaos".
Speaking at the ADIPEC oil and gas conference in Abu Dhabi, United Arab Emirates on Tuesday, Puri said "If the price goes above $100, it’s not going to be in the interest of either the producing country or anyone’s interest. You will have large, organised chaos.”
The oil minister said that the price of $100 a barrel of oil was not in the interest of either the producing countries or the consumers. He had a bilateral discussion with OPEC Secretary General Haitham Al-Ghais.
"In the interest of global good, the Minister advocated balancing global energy markets by ensuring that crude oil prices do not outstrip the paying ability of the consuming countries," stated a release from the Ministry of Petroleum and Natural Gas on late Tuesday, October 3.
Also read: GIFT Nifty up 15 points: Asian markets, crude oil prices, dollar movement & more
Also read: Jindal Steel shares rebound 60% from 52-week low; is Rs 810 target price in sight?