Fuel prices were cut only in the national capital amoung other metro cities on Thursday according to the data on state-owned oil marketer IOC (Indian Oil Corporation). Petrol price in Delhi was down by 6 paise to Rs 76.78 a litre while diesel rate was lowered by 12 paise to Rs 68.35 a litre.
In other metro cities, the prices have remained unchanged for the last 3 days. It was slashed on Monday following a dip in international crude oil rates. Petrol price per litre now stands at Rs 84.22 in Mumbai, Rs 79.51 in Kolkata and Rs 79.76 in Chennai. On the other hand, diesel per litre is priced at Rs 72.56 in Mumbai, Rs 72.19 in Chennai and Rs 70.94 in Kolkata.
Internationally, Brent crude futures fell by 11 cents or 0.2 cents to $72.79 a barrel while WTI (West Texas Intermediate) crude futures were up by 6 cents to $68.82. The benchmarks for global oil prices were showing mixed reactions after the US Energy Information Administration reported a fall in their stockpiles along with the supplies of distillate fuels. However, it also reported that its production had reached a record 11 million barrels per day. The fall in stockpiles show a rapidly increasing demand for gasoline in the world's largest consumer of fuel, the United States.
Meanwhile, after a meeting between the OPEC (Organization of Petroleum Exporting Countries) members and the non-OPEC oil-producing countries, to review their supply pact, it was decided to non-comply with the agreement. It means, that there will now be more oil available for distribution to the world.