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16
December 2016
State-run Indian Oil on Friday deferred
the fortnightly revision of fuel prices without offering an explanation
although during the preceeding fortnight, global crude oil prices shot up well
over $50 a barrel following a landmark agreement between major oil producers to
cut output.
Indian Oil Corp (IOC) Chairman B.Ashok
told reporters here that "it is not compulsory" to change rates on a
particular date. The Total Investment
& Insurance Solutions
"We continue to review it and will
take appropriate decision at the right time. Price revision is being done in a
calibrated manner," he said. The
Total Investment & Insurance Solutions
State-run oil marketers, Bharat
Petroleum and Hindustan Petroleum revise rates on the 1st and 16th of every
month based on the average international price in the previous fortnight.
Amid the fluctuation in global prices,
rates were last revised on December 1, when petrol price was hiked by 13 paise
a litre, while diesel rates were cut by 12 paise, both in Delhi, with corresponding
changes in other states. The Total
Investment & Insurance Solutions
Petrol per litre currently costs Rs
66.10 in Delhi, Rs 68.81 in Kolkata, Rs 72.46 in Mumbai and Rs 65.58 in
Chennai. The Total Investment &
Insurance Solutions
Similarly, diesel costs Rs 54.57 in
Delhi, Rs 56.81 in Kolkata, Rs 60.17 in Mumbai and Rs 56.10 in Chennai. The Total Investment & Insurance
Solutions
At the previous revision on November 15,
petrol was decreased by Rs 1.46 per litre and diesel by Rs 1.53 both at Delhi,
excluding state levies. The Total
Investment & Insurance Solutions
With oil producers outside the
Organisation of the Petroleum Exporting Countries (OPEC), led by Russia,
agreeing to reduce output by 558,000 barrels per day last week, The Indian
basket of crude oils gained more than $3 a barrel over the weekend even as
global prices surged to an 18-month high.
This came in the wake of the 13-nation
OPEC cartel's November 30 decision to cut output by 1.2 million bpd for six
months effective January 1. The
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It is the first time since 2001 that
OPEC and some of its rivals reached a deal to jointly reduce output in order to
tackle the global oil glut. The Total
Investment & Insurance Solutions
The Indian basket, comprising 73 percent
sour-grade Dubai and Oman crudes, and the balance in sweet-grade Brent, closed
trade on Thursday at $52.04 for a barrel of 159 litres.
As per latest OPEC data, its reference
basket of 13 crude oils closed at $50.09 a barrel on Thursday.
IOC officials said in conditions of
anonymity that though the latest surge in international prices have warranted a
hike of around Rs 2 each on petrol and diesel, the general cash crunch post the
November 8 demonetisation of high-value currency has led to Friday's price
revision deferment.The Total Investment
& Insurance Solutions
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