Oil price News

Price of the benchmark Brent crude declined by nearly $4 to $67.7 a barrel while U.S. West Texas Intermediate crude turned cheaper by $3.75 at $64.76 per barrel as concerns abated over disruption in oil supplies due to the tensions in the Middle East.

In recent months, the government has taken several policy measures to curb inflationary trends in edible oil prices.

Sugar stocks too witnessed fresh buying due to improved domestic demand.

Last week, the government cut the price of the domestic 14.2kg LPG cylinder by Rs 200/LPG cylinder for all 330 million consumers w.e.f. August 30.

ONGC, India's top crude oil and natural gas producer, earned USD 76.49 for every barrel of crude oil it produced and sold from nomination fields against a net realisation of USD 108.55 per barrel last year.

The crypto market was an exception to the green wave, as Bitcoin & Ethereum fell by 4 percent, followed by the collapse of FTX, one of the largest global cryptocurrency exchanges.

The stakeholders were advised to take up the issue with their members immediately and ensure that the MRP of each oil brand be reduced in line with the decline in the international prices of edible oils with immediate effect.

EAM S Jaishankar has expressed concerns over the surge in oil price He said that the spike in oil price is breaking India's back He said this in the US in a joint press conference with US Secretary of State Antony Blinken

On Monday, The Sri Lankan government announced that only essential services will operate from midnight till July 10 and all other operations will be temporarily suspended as the crisis-hit nation faces an acute fuel shortage.

As per government data, the average retail prices of packaged edible oils have ease slightly, except for groundnut oil, across the country since the beginning of this month and are ruling between Rs 150 and 190 per kg.

As per media reports, nearly 4,500 petrol pumps out of 6,700 outlets in Rajasthan are facing acute shortate of oil. Reports further said that the petrol pum owners have to wai for over three days --starting from demand draft booking to getting the supply. 

Unprecedented high in fuel prices in Sri Lanka. Petrol, diesel shot up record high levels. Steepest hike since April 19.

severe power and fuel emergency in Sri Lanka. SL struggling to find dollars to import fuel and gas. India has helped SL with over $3.5 bn financial support so far this year.

Today, Prime Minister Narendra Modi appealed to many states of the country to reduce VAT to reduce oil prices. However, these are the state governments where there are often protests against expensive oil prices.

Unprecedented high in fuel prices in Sri Lanka. Petrol shot up to Rs 254 per litre. Diesel price rose to Rs 214 per litre.

Due to the outbreak of Covid-19, the oil price is observing a lot of fluctuation in the past few months as the international market remains unstable and the impact of the same is seen in the domestic market. Fuel demand fell to 15.67 million tonnes in July, 11.7 per cent lower compared with 17.75 million tonnes consumption in the same month a year ago, and 3.5 per cent lower than the June sale of 16.24 million tonnes.

Prices have been bolstered this week by US government data showing crude oil, gasoline and distillate inventories all fell last week as refiners ramped up production and demand for oil products improved.

US crude prices jumped 7% on Friday to their highest since March, on strengthening fuel demand as countries around the world eased travel restrictions they had imposed to curb the spread of the coronavirus.

Pradhan also said that India favours reasonable prices that give some space to the producer countries.

Brent crude was up 60 cents, or 2.8%, at $21.93 by 0133 GMT, having climbed 5% on Thursday. US oil gained 66 cents, or 4%, at $17.16 a barrel, after surging 20% in the previous session.