Oil Price Edge Higher; Check Revised Petrol And Diesel Prices In Different Indian Cities Here

Oil prices edged higher on Monday after top oil exporting countries including Saudi Arabia and Russia confirmed that they would stick to extra voluntary oil production cuts until the end of the year, keeping supply tight, as investors looked out for stringent sanctions on Iranian oil by the US.

Brent crude futures gained 0.5%, to $85.30 per barrel as of 0000 GMT while US West Texas Intermediate (WTI) crude was up 0.7% at $81.05 per barrel.

Oil prices shed almost 6% last week, driven by easing geopolitical risk premium that resulted from concerns of supply disruptions due to a possible escalation in the Middle East conflict.

In the Middle East, Israel on Sunday dismissed growing calls for a ceasefire in Gaza, with military specialists saying that forces are set to intensify their operations against Palestinian Islamist group Hamas.

A Reuters report quoted a source at the Ministry of energy saying that Saudi Arabia has confirmed it would continue with its additional voluntary cut of 1 million barrels per day (bpd) translating into a production of around 9 million bpd for December.

Oil Prices In India

Meanwhile, in India, reports have highlighted that the Indian public may not have to face fuel price hikes despite the volatility in crude oil prices amidst the tension in West Asia. One should note that India depends on oil imports to fulfill its energy needs. According to a report, State-run oil marketing companies (OMCs) are likely to absorb the higher costs, despite the under-recoveries in selling fuel.

Petrol Prices Revised In Certain Indian Cities today, Check the Latest Petrol and diesel In Your City Today

In the national capital Delhi, the price of 1 litre of petrol and diesel is Rs 96.72 and Rs. 89.62 respectively.

1 litre of Petrol in Bangalore is retailing at Rs 101.94, while the same quantity of diesel is selling at Rs 87.89 in the city.

In Noida, 1 litre of petrol costs Rs 97.00, while the price of the same quantity of diesel is Rs 90.14. One litre of Diesel in Gurgaon retails at Rs 96.71, while the cost of one litre of Petrol in the city is Rs 89.59.