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    Petrol, Diesel Prices Rise On Escalating Concerns Over Global Oil Supply


    Fuel prices in India rose for the sixth straight day as international crude prices increased over concerns on potential shortages in oil supply.

    Petrol, Diesel Prices Rise On Escalating Concerns Over Global Oil Supply

    Petrol price per litre was up by an average of 17 paise to Rs 76.53 in Delhi, Rs 83.91 in Mumbai, Rs 79.20 in Kolkata and Rs 79.43 in Chennai.

    Diesel price per litre, on the other hand, was increased by 16 paise on an average to Rs 68.23 in Delhi, Rs 72.40 in Mumbai, Rs 70.78 in Kolkata and Rs 72.03 in Chennai.

    International benchmark Brent was up by 25 cents or 0.3 percent to $78.32 a barrel on Tuesday as hundreds of offshore oil and gas workers in Norway are set to go on a strike due to failed wage talks. It climbed by 1.2 percent on Monday. US light crude futures rose by 17 cents or 0.2 percent to $74.02.

    The strike on Tuesday will bring disruptions in at least one field and potentially add to the tensions from the Middle East.

    As the US is reportedly going to reduce its oil exports from Iran to zero by November, it is going to add pressure on other oil-rich countries to increase production.

    Meanwhile, Libya's output fell from 1.28 million barrels per day to 527,000 according to its state-owned National Oil Corporation's Facebook statement following the closure of its oil ports from political clashes in the country. The company also said that the production will reduce further gradually.

    Canada too has reported a 360,000 barrels per day outage in its Syncrude oil sands facility, reducing supply to the delivery points for US futures.

    The increase in output from Saudi Arabia, fellow OPEC members and Russia is hoped to reduce the losses from other countries.

    Read more about: petrol diesel
    Story first published: Tuesday, July 10, 2018, 11:56 [IST]
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