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Diesel Price in India (19th March 2024)

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In India with effective from June 15, 2017, Diesel prices are to be revised daily. Earlier, Diesel prices used to change every two weeks. Day by day Diesel costs revision is an excellent move to take for various reasons. The first and the most significant about the change in Diesel price is that it enables you to effectively understand the alterations in day by day diesel price in India. At the point when Diesel price is modified or changed every two weeks, there will be a big difference in the price, which puts the big burden on the customer.

Today's Diesel Price in Indian Metro Cities & State Capitals

City Today Price Yesterday's Price
New Delhi ₹ 87.62 ₹ 87.62
Kolkata ₹ 90.76 ₹ 90.76
Mumbai ₹ 92.15 ₹ 92.15
Chennai ₹ 92.43 ₹ 92.34
Gurgaon ₹ 87.65 ₹ 87.64
Noida ₹ 87.81 ₹ 88.10
Bangalore ₹ 85.93 ₹ 85.93
Bhubaneswar ₹ 92.62 ₹ 92.62
Chandigarh ₹ 82.40 ₹ 82.40
Hyderabad ₹ 95.65 ₹ 95.65
Jaipur ₹ 90.36 ₹ 91.10
Lucknow ₹ 87.66 ₹ 87.76
Patna ₹ 92.04 ₹ 92.04
Trivandrum ₹ 96.23 ₹ 96.23

Diesel fuel plays a significant role in the logistic sector of India since almost all heavy duty vehicles run on it across the country. About 81% of the total consumption of diesel in India is through the goods transport and supply-chain logistic sector. Most the vehicles have loading above 5 tonnes on average, requiring refuelling multiple times during long transit journey of up to 5-6 days. The goods carried by these trucks and lorries range from consumer products to B2B products, food, and almost every human necessities which gets affected as well with change in diesel fuel prices. The cost of the transporting products increases, which ultimately adds the cost for the products and impacts the end user's pocket. Hence, it becomes critical for individuals to acknowledge the changes made in national and domestic rates, which would have either adverse or similar affects on many other things around us.

Factors Affecting Diesel Prices In India

In India the fuel prices are determined by the central authority and considering numerous factors and economic situation of the country, a particular price is allowed, which has to be strictly followed by both diesel retailers and consumers. There are numerous factors that either pushes the fuel prices down or pulls them for an exponential hike, even at domestic levels.

However, the necessity and significance of maintaining Diesel prices in India is strongly considered by the central government which updates the norms and exchange rate as per national and international factors.

Election Season In India

Election seasons in India consistently appears throughout the year in various states of the country, which ensure the state government takes significant actions towards diesel prices in India. The reduction in diesel rates in India becomes a strong pointer for ruling governments to keep on greasing the vote grabbing mechanism. Hence, multiple state governments make suitable changes in diesel prices in India along during state elections and the central government with the advisory committee makes appropriate changes during the general elections in India.

Government Norms and Excise Duty

Excise Duty in India is levied for per litre on diesel on retailers, which ultimately is borne by the end-consumer. The excise charges are not as per percentage, but a fixed certain amount as per central government direction to be deducted towards government treasury. The change in global prices would not have any impact on excise duty and hence, it would adversely impact overall diesel prices in India.

Global Factors That Impact Diesel Prices In India

The demand-supply scenario for fuel around the globe plays a major role for Indian corporates and government institutions, which have a strong impact on diesel prices in India. If the global demand diminishes for fuel and crude oil, the price per barrel gets affected and tumbles towards a point where buyers and sellers are ready for exchange. Similarly, if there are geopolitical tensions lurking around in oil exporting countries, cautious sentiments are spread across the financial markets since internationally the crude oil supply gets disrupt and increase the demand. However, due to these complications, the Indian government have been following strong measure for fuel rates, which allows domestic diesel prices in India to not get much impacted and stay at stable levels.

The oil marketing firms in India recently introduced the daily revision of diesel prices in India. With the introduction of this rule in India, the price of diesel varies across India; there is a daily revision of retail fuel price in India.

The following are the major factors that affect the price of diesel in India

Cost of Crude Oil – The cost of crude oil is one of the major components which determines the diesel price across the globe. Worldwide demand and supply and economic conditions of crude oil determine the diesel prices. Low production rate, increase in international demand, and any political unrest in the crude oil producing countries of the world seriously affects diesel price.

Demand and Supply of Diesel Fuel – The fleet vehicles in the country mostly depends upon petrol. If the supply of petrol reduces as a result of refinery problem or lagging imports, diesel stocks may decline. If the transportation for the supply of diesel from one place to another place cannot support the flow of supplies, then the prices of diesel remain comparatively high. This affects the prices of diesel in India, which mainly depends on the export of diesel from foreign countries.

Tax Rates – The tax rates of diesel depends on the local government policies on imposing taxes on fuels. As and when the government of India raises the tax on fuels the oil companies will also increase the price of diesel in India to recover losses and to maintain the marginal profits in its oil business.

Rupee – The rupee-dollar exchange rate also acts as a factor which influences the diesel price in the country. Indian oil companies pay to the oil imported from other countries in terms of US dollars, but they incur expenses in terms of rupee.

When the rupee value strengthens against the dollar and the price of the crude oil is declining, then the oil companies tend to gain and vice-versa.

Logistics – Logistics also acts as a factor which affects the pricing of the diesel in India. Diesel transported to longer distances to cities or regions farther from depots will be priced higher than the places nearer to the storage area of the oil companies. The difference may be huge between cities which are far from each other this is the reason behind the difference in prices of diesel in different cities across the country. For example, petrol price in Chennai is Rs. 66.84 per litre for January 24, 2018, and the same diesel price is Rs. 66.04 per litre in Kolkata.

About Diesel 

Diesel which is one of the forms of fuel used to run vehicles like buses, boats, trains, barges. It is also used in machines like farm and construction equipment. Generally, diesel fuel is a mixture of hydrocarbons. Its boiling points are in the range between 150 – 380 degree Celsius.

Petroleum crude oil consists of hydrocarbons of three major classes such as: 

  • Naphthenic (cycloparaffinic)
  • Paraffinic
  • Aromatic Hydrocarbons

Olefins or unsaturated hydrocarbons rarely occur in the crude and it should be noted that the terms paraffinic and naphthenic in modern chemistry are known by the name alkanes and cycloalkanes based on the respective groups of hydrocarbons.

Crude oil refining begins with heating up of the viscous liquid at more than 400 degree Celsius. This process will turn the liquid into a vapour state and then the vapour will enter the fractional distillation tower. As the vapour rises to a higher altitude, it starts to cool down. The vapour will reach a certain temperature point and the hydrocarbon chains within it will return to a liquid state.

In the tower at different levels, the distillation plates will capture the liquids as it emerges.

The longest hydrocarbon chain will have a boiling point of more than 400 degree Celsius. As soon as the chain enters the distillation tower, it starts turning into liquid again. This emerges as bitumen and it exits at the bottom of the distillation tower. As the vapour rises, shorter hydrocarbon chains start to liquefy. The fuel oil will emerge when the vapour cools down below 370 degree Celsius. This process will continue until the upper portion of the tower with various distillates emerging as the vapour cools further.

When the vapour in the distillation tower reaches between 200 – 350 degree Celsius, diesel fuel begins to emerge. The vapour collects on the distillation plates wherein it will be siphoned off into a diesel holding tank.

Why is the diesel price in India different from the petrol price?

Diesel prices in India have always been much lower than petrol prices due to the different taxation structures between the centre and the states. Furthermore, because diesel is used by farmers as well as truck and bus fleets, it has always been less expensive than gasoline. As a result, diesel prices in India are kept lower than petrol prices in order to alleviate the burden on farmers and transportation fleet operators. However, due to the higher cost of production, diesel is the most expensive of the auto fuels globally. Crude oil is separated into different components during the refining process, and these components are converted into gasoline, diesel fuel, and other petroleum products through additional treatments. Diesel fuel is easier to refine from crude oil because it is heavier and less volatile than gasoline. As a result, diesel is less expensive than gasoline in most countries around the world.

Diesel fuel, unlike gasoline, is used to power not only automobiles but also public transportation vehicles, large delivery trucks, off-road vehicles, boats, machinery, generators, and other similar devices. During times of economic expansion, energy demand in the industrial sector increases significantly, and diesel prices rise faster than gasoline prices. If demand for diesel fuel rises, the price spread will widen. 

List of Products produced in the Petroleum Refining Process

During the petroleum refining process, the following list of fuels, gases, and petroleum products will be derived.

Diesel oil or Light oil – Used as a domestic fuel and in jet engines.

Kerosene – Used as domestic fuel and jet engine fuel.

Fuel Oil – Used in factories, essential for ships and central heating.

Heavy Oil or Lubricating Oil – Used in making lubricating oils.

Gasoline – Procuration of petrol occurs from the fraction of gasoline.

Petroleum Gas – Liquified petroleum gas is used as domestic fuel.

High-Speed Diesel

The petroleum-derived diesel is known as Petro diesel. It is a mixture of a straight run which comes along with a varying combination of selected cracked distillates, aromatic hydrocarbons, and saturated hydrocarbons.

In India, diesel has found its usage in diesel engines. Diesel engines can be found in cars, boats, motorcycles, and locomotives. Automotive diesel fuel serves to power trains, trucks, buses, and automobiles, to run petroleum drilling, construction and other off-road equipment. Usually, a diesel engine has a self-ignition engine and consists of high compression. The fuel will be ignited by the heat of the high compression; thus, there will be no need to use a spark plug.

It has been 68 years since the Diesel engine machinery was introduced to India. By 1957, the push by central government for Diesel usage in ore and coal mining sector uplifted the consumption and has been at a steady growth since.

Diesel is one of the core petroleum products which account for almost 40% from crude oil in India. 70% of the diesel consumed in India today is demanded from the transport sector, which leads to numerous implications due to a slight change in diesel prices in India today.

Diesel have immense demand from transport & logistic sector, which accounts for 28.48% including the passenger car consumption. However, areas with larger density of population would have higher demand and comparably Diesel prices today would be higher than other towns and cities. Passenger vehicles and farming also have strong usage of Diesel, with 13% of the total share. Most of the fuel is consumed by tractors presumably due to the farming activities rather than transport, having serious escalations if there is a sudden hike in diesel rates in India today.

What Factors Impact India Diesel Prices Today?

The fast phased world today with instant connectivity and implications have lead diesel rates in India to be impacted by numerous domestic and international aspects. India is still a developing economy and it has to maintain its growth at global level. Diesel and Petrol are one of the significant materials required for movement of goods and services across the country, which makes diesel rates in India today very critical than other commodities.

Government regulations have had a historic influence over India diesel prices today since the highest revenue for the central government is generated through fuel taxation. If recently the government enters into a trade agreement with crude oil exporting countries, there are higher chance of increased supply for the fuel, ultimately affecting the local diesel prices in India today.

As the taxation received from fuel is the highest than other incomes, the governments in India always keep a sharp eye over the diesel prices in India today.

If the central or any state government in India decides to increase the treasury revenue from fuel taxes, a hike in levies and GST is evident in short-term. The hiked charges would push for local diesel rates in India to increase accordingly and impact the pocket of the middle-income population.

Today diesel prices in India are mostly determined by the government considering the domestic demand as well as the international market situation. If there is a supply disruption caused by conflicts or war escalations in the crude-oil exporting countries, then there is a volatile uplifting demand expected in global markets. If the price movements are sharp and consistent, a similar impact is expected on India diesel rates today.

Even when there are global scenarios of recession, depression or economic turmoil taking place in major economies around the world, fuel prices locally get impacted. The uncertain capital markets conditions push for investors to flock over commodity and precious metal segments. The collective increase of investors positioning them on crude oil trades can lead the global prices higher and ultimately have an uplifting impact on local diesel rates in India today.

Apart from this, one of the major contributor for affecting diesel rates in India today are the election season. Especially in India, when the election season approaches, state and central governments have squashed or reduced the taxation in order for the diesel prices in India to jump down, enabling a slight higher savings for middle-income groups. The savings in expenses helps the governments to attract the votes and stay as the ruling party for the next term.

Latest Updates on Diesel Price

Diesel Rates In India On 15th March 2024 Falls A Week Before General Election

According to the recent news updates, Modi-government has declared a fortunate relief in fuel expenses for Indians. Today Diesel prices in India have fallen by Rs. 2/- per litre, to cost between the range of Rs. 82/- to Rs. 96/- per liter in various parts of the country. Delhi diesel rates today are among the lowest at Rs. 87.62/-, while diesel prices in Mumbai are Rs. 92.15/- per liter respectively. Likewise, Kolkata diesel prices are Rs. 90.76/- for a liter and Rs. 92.76/- per liter in Chennai.

The Indian government has allowed for customer charges and levies to decrease, which would help the middle-income population in terms of fuel expenses. However, it remains uncertain to say if the products and services which hike charges during surging fuel prices would push for lowering the prices of goods and services. Moreover, considering the faded sentiments of election season, Indians can expect government to have stable prices until May-June 2024.

Commodity markets on Friday Asian session are moving in mixed manner, despite a strong recovery noted in Brent and Crude Oil prices since past three days. The US dollar index gains traction with positive business data releases yesterday, posing a threat for dollar-backed oil trades ahead.

Investors would align their focus for upcoming US FOMC minutes and Asian market performance to have a major influence on global crude oil demand.

The WTI crude oil is trading around $ 81.14/- per barrel, which is 0.14% or $ 0.13/- lower than yesterday's closing.

15 March 2024
Diesel Prices Trades Firm in India

The diesel prices traded firmly irrespective of the movement of the fuel prices in the international markets amidst the supply crisis. The diesel rates in India were recorded at Rs 94.24 per litre in Chennai; Rs 92.76 per litre in Kolkata; Rs 89.62 per litre in New Delhi and Rs 94.27 per litre in Mumbai.

In the international forum, Brent was seen at $85.54 per barrel, down by 1.24% and West Texas Intermediate (WTI) at $79.15 per barrel, down by 1.24%.

On Tuesday, both the crude benchmarks recorded a drop after the U.S. government said it will release crude from its Strategic Petroleum Reserve. The move by America has lifted some supply constraints faced by the oil markets.

Earlier in the session, both the crude benchmarks had declined by over $2 per barrel but it pared some losses after the data showed that the U.S. Consumer Price Index (CPI) accelerated at its slowest annual pace since late fiscal 2021. The situation has raised the likelihood of a less aggressive stance from the Fed in the coming months.

Yesterday, the U.S. Department of Energy (DOE) announced that it would sell 26 million barrels of crude from its strategic petroleum reserve (SPR).

The United States of America’s SPR is at its lowest level since 1983.

The DOE had even considered cancelling the sale after Joe Biden’s administration had sold a record 180 million barrels of crude from the reserve. But the move from DOE will require Congress to act to change the mandate.

14 February 2023
Diesel Prices in India Lasting for a Long Time

The diesel prices in India are lasting for a long time as it has remained unchanged since mid-May 2022. The diesel rates in India were recorded at Rs 94.24 per litre in Chennai; Rs 92.76 per litre in Kolkata; Rs 89.62 per litre in New Delhi and Rs 94.27 per litre in Mumbai.

In the international scenario, Brent stood at $85.62 per barrel, down by 0.89% and West Texas Intermediate (WTI) at $78.89 per barrel, down by 1.04%.

The oil prices witnessed a marginal drop on Monday’s trade session after witnessing a surge in the previous session, as investors focus on the short-term demand concerns which are stemming from the release of the U.S. inflation data and refinery Maintenace in Asia and the United States of America.

An analyst from OANDA notes that the crude prices are softening as energy traders are forecasting a potentially weak fuel demand in the coming days and this might force the Fed to tighten the policy stance much more aggressively.

Last week, Russia announced its plans to trim down crude production in retaliation against western curbs on its oil imports which were imposed in response to Moscow's invasion of Ukraine.

Russia is likely to cut output production by 500,000 barrels per day (bpd) in March, accounting for around 5% of the output.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies had agreed in October to trim down the oil production by 2 million bpd which accounts for around 2% of the global fuel demand.

13 February 2023
Diesel Prices Sluggard in India

The diesel prices are sluggard in India despite a jump in the fuel prices in the global markets. The diesel rates in India were seen at Rs 89.62 per litre in New Delhi; Rs 94.27 per litre in Mumbai; Rs 92.76 per litre in Kolkata and Rs 94.24 per litre in Chennai.

In the international scenario, Brent stood at $86.39 per barrel, up by 2.24% and West Texas Intermediate (WTI) at $79.72 per barrel, up by 2.13%.

The oil prices in India have remained flat for a long time irrespective of the movement of crude in the international markets. India is purchasing crude from Russia despite the Western country's sanctions on Moscow.

The fuel prices gained recorded over 8% weekly gains. The ongoing tensions between Moscow and Ukraine have pressurized many western nations to impose a ban on the import of Russia’s crude oil. Hence Russia is planning to cut down crude output beginning in March 2023.

Both the crude benchmarks have witnessed growth during the week.

Russia’s Deputy Prime Minister – Alexander Novak said that the country plans to cut down its crude oil production in March by 500,000 barrels per day (bpd). This will account for around 5% of the output.

Analysts note that the drop in Russia’s oil production by 700,000 – 900,000 barrels in 2023 is in line with market expectations. They further noted that the key for the crude to break out of the current trading range is an uptick in China’s crude demand in the coming months post-recovery from the pandemic crisis.

11 February 2023
Diesel Prices Trades Flat in India

The diesel prices traded flat in India despite gains in the crude rates in the international markets as Russia plans to cut down production in the wake of Western countries' sanctions. The diesel rates in India were recorded at Rs 89.62 per litre in New Delhi; Rs 94.24 per litre in Chennai; Rs 92.76 per litre in Kolkata and Rs 94.27 per litre in Mumbai.

In the global platform, Brent was seen at $86.30 per barrel, up by 2.17 per cent and West Texas Intermediate (WTI) at $79.69 per barrel, up by 2.09 per cent.

Moscow is set to cut down its fuel production from March in the wake of the EU’s sanction on its fuel imports.

Russia’s Deputy Prime Minister – Alexander Novak said that the country plans to cut down its oil production in March 2023 by 500,000 barrels per day, accounting for around 5 per cent of the output.

Analysts note that Russia’s output last year defied predictions of a downfall, but its oil sales will prove more difficult amidst the imposition of the new western sanctions.

Meanwhile, investment banking firm – Goldman Sachs has reduced the price outlook for Brent in 2023 to $92 per barrel from its previous forecast of $98 per barrel and its 2024 forecast to $100 per barrel from its earlier outlook of $105 per barrel.

10 February 2023

Diesel Prices Sturdy in India

The diesel prices are sturdy in India despite recording marginal gains in the international markets as IEA hints at the improvement in China's demand outlook. The diesel rates in India were recorded at Rs 89.62 per litre in New Delhi; Rs 94.24 per litre in Chennai; Rs 92.76 per litre in Kolkata and Rs 94.27 per litre in Mumbai.

In the international platform, Brent was seen at $80.46 per barrel, up by 0.65% and West Texas Intermediate (WTI) at $73.73 per barrel, up by 0.46%.

China is the world’s largest crude importer globally, the improvement in the fuel demand from the dragon country will indeed uplift the global crude rates, which have seen a drastic drop of 8 per cent recently.

The IEA is forecasting that half of the global crude demand growth for the year will come from China, wherein the jet fuel demand is witnessing a surge.

The stronger-than-expected U.S. jobs report has raised concerns that the Fed will keep hiking interest rates, bolstering the dollar value to surge. Usually, the stronger greenback will reduce the demand for dollar-denominated crude from buyers, who pay using other currencies.

The strong U.S. jobs report has raised concern that the Fed will continue to hike interest rates, bolstering the dollar value.

The stronger greenback will typically diminish the demand for the U.S. dollar-denominated crude from buyers who are paying with other currencies.

Analysts note that the higher interest rates will keep a lid on further price gains, as it will curtail economic growth and hike the fuel demand.

6 February 2023
Diesel Prices Substantial in India

The diesel prices are substantial in India despite a marginal fall in the global crude rates as the Russian crude supply products ban looms. The diesel rates in India were seen at Rs 89.62 per litre in New Delhi; Rs 94.33 per litre in Chennai; Rs 92.76 per litre in Kolkata and Rs 94.27 per litre in Mumbai.

In the global scenario, Brent was seen at $82.51 per barrel, down by 0.40% and West Texas Intermediate (WTI) at $76.23 per barrel, down by 0.24%.

The oil prices slipped in the overseas markets as looming sanctions on Russia have created an uncertain environment and a build in the U.S. fuel stocks has suggested a sluggish demand despite signs of global economic revival.

The Fed has hiked interest rates by 25 basis points in line with market expectations.

The European Union’s ban on Russia’s refined products will come into effect from February 5, 2023, and this will potentially blow the global crude supply.

The European Union nations will seek a deal tomorrow on a European Commission proposal to set a price cap on Moscow’s crude products after postponing a decision yesterday due to the divisions amongst the member states.

The European Commission proposed last week that the EU can apply a price cap of $100 per barrel on premium Russian oil products like diesel and a $45 per barrel cap on discounted products like fuel oil.

2 February 2023

Diesel Prices Stagnant in India

Diesel prices are stagnant in India despite witnessing a fall in the global crude rates during today’s trade session. The diesel rates in India are seen at Rs 89.62 per litre in New Delhi; Rs 94.27 per litre in Mumbai; Rs 92.76 per litre in Kolkata; Rs 94.24 per litre in Chennai.

In the international forum, Brent was seen at $84.92 per barrel and West Texas Intermediate (WTI) at $77.54 per barrel, down by 0.46%.

Since the outbreak of the pandemic crisis, the oil markets are witnessing a slowdown in fuel demand. To increase the fuel prices the oil producers' club announced a cut in the production output targets.

The market has now turned its focus towards the outcome of the planned virtual meeting of the members of the oil producers club. The Organization of the Petroleum Exporting Countries (OPEC) and its member partners including Russia are all set to meet tomorrow to decide on the future of the output policies.

Sources close to the OPEC have revealed that the oil producers are likely to keep the current output levels unchanged when it meets as the fears of economic slowdown grow.

Meanwhile, the International Monetary Fund (IMF) has raised the global growth outlook for 2023 slightly owing to the surprisingly resilient demand in the United States of America and Europe, added to the easing energy costs amidst the reopening of China’s economy.

China, which witnessed a steep surge in the pandemic cases had announced a stew of stringent measures to control the rising infection rates. Currently, the dip in the infection levels and reopening of the economy amidst the Lunar New Year has shown vital signs of potential healthy fuel demand coming from China.

31 January 2023
Diesel Prices in India Remains Little Changed

The diesel prices in India remained little changed despite witnessing a fall in the global crude rates on a stronger supply outlook. The diesel rates in India are seen at Rs 94.27 per litre in Mumbai; Rs 92.76 per litre in Kolkata; Rs 89.62 per litre in New Delhi and Rs 94.24 per litre in Chennai.

In the international markets, Brent was seen at $86.66 per barrel, down by 0.93% and West Texas Intermediate (WTI) at $79.68 per barrel, down by 1.64%.

The crude prices slipped down in the international markets to finish flat to lower. The indications of a strong Russian crude supply have offset better-than-expected U.S. economic growth data, and hopes of a surge in the recovery in Chinese demand.

The oil loadings from Russia’s Baltic ports are all set to increase by 50 per cent this month from December 2022’s tally as sellers try to meet the strong demand in Asia and benefit from rising prices of global energy.

The U.S. energy firms for this week have kept the oil and natural gas rigs firm at 771, energy services firm – Baker Hughes Co noted this in its closely followed report.

Meanwhile, the members of the Organization of the Petroleum Exporting Countries (OPEC+) delegates will be meeting next week to review crude production levels.

The sources from the oil producers group are expecting no change in the current output policy.

29 January 2023
Diesel Prices Unwavering in India

The diesel prices are unwavering in India despite witnessing a marginal drop in the crude rates in the international markets as global fears of economic slowdown grows. The diesel rates in India were recorded at Rs 94.24 per litre in Chennai; Rs 94.27 per litre in Mumbai; Rs 92.76 per litre in Kolkata and Rs 89.62 per litre in New Delhi.

In the overseas markets, the crude benchmark - Brent was seen at $85.92 per barrel, down by 0.24% and West Texas Intermediate (WTI) at $79.81 per barrel, down by $0.40%.

Analysts note that the reopening of the Chinese economy after a surge in the pandemic cases and subsequent imposition of COVID restrictions could unleash a large wave of pent-up demand over the next 18 months (about one and a half years).

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, scheduled to meet next week, noted that the hopes for higher crude demand from China are balanced with the growing worries of inflation and the slowdown in the global economy.

During October 2022, the oil-producing members agreed to trim down the output by 2 million barrels per day, starting from November through 2023, owing to the weak economic outlook.

Yet the gains in the crude prices were capped by a bigger-than-expected build in the U.S. crude inventories, reported after the market settled on Tuesday.

A market source which cited American Petroleum Institute numbers noted that the U.S. crude stock grew by about 3.4 million barrels during the week ended January 20. This is triple the outlook for about 1 million builds as per the preliminary Reuters poll published on Monday.

25 January 2023

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