Petrol prices in Mumbai have been turning more volatile, as prices of crude oil have been showing a firm trend. It is important to check todays petrol price in Mumbai ₹ 106.31 (16th August 2022), especially if you are going for a long drive. Remember, petrol and diesel prices are revised daily, so you can lose much, if you are travelling on a long distance. The rupee has also moved lower against the dollar, which has made petrol prices in Mumbai more expensive than before. It is hoped that the government can reduce excise duties, so as to enable rates to become more cheaper in the coming days.
|Aug 15, 2022||₹ 106.31||₹ 0.00|
|Aug 14, 2022||₹ 106.31||₹ 0.00|
|Aug 13, 2022||₹ 106.31||₹ 0.00|
|Aug 12, 2022||₹ 106.31||₹ 0.00|
|Aug 11, 2022||₹ 106.31||₹ 0.00|
|Aug 10, 2022||₹ 106.31||₹ 0.00|
|Aug 9, 2022||₹ 106.31||₹ 0.00|
|Aug 8, 2022||₹ 106.31||₹ 0.00|
|Aug 7, 2022||₹ 106.31||₹ 0.00|
|Aug 6, 2022||₹ 106.31||₹ 0.00|
|1st August||₹ 106.31|
|31st August||₹ 106.31|
|Highest rate in August||₹ 106.31 ( August 1st )|
|Lowest Rate in August||₹ 106.31 ( August 1st )|
|Over all performance||No Change|
|1st July||₹ 111.35|
|31st July||₹ 106.31|
|Highest rate in July||₹ 111.35 ( July 1st )|
|Lowest Rate in July||₹ 106.31 ( July 15th )|
|Over all performance||Falling|
|1st June||₹ 111.35|
|30th June||₹ 111.35|
|Highest rate in June||₹ 111.35 ( June 1st )|
|Lowest Rate in June||₹ 111.35 ( June 1st )|
|Over all performance||No Change|
|1st May||₹ 120.51|
|31st May||₹ 111.35|
|Highest rate in May||₹ 120.51 ( May 1st )|
|Lowest Rate in May||₹ 111.35 ( May 22nd )|
|Over all performance||Falling|
|1st April||₹ 116.72|
|30th April||₹ 120.51|
|Highest rate in April||₹ 120.51 ( April 6th )|
|Lowest Rate in April||₹ 116.72 ( April 1st )|
|Over all performance||Rising|
|1st March||₹ 109.98|
|31st March||₹ 116.72|
|Highest rate in March||₹ 116.72 ( March 31st )|
|Lowest Rate in March||₹ 109.98 ( March 1st )|
|Over all performance||Rising|
|1st February||₹ 109.98|
|28th February||₹ 109.98|
|Highest rate in February||₹ 109.98 ( February 1st )|
|Lowest Rate in February||₹ 109.98 ( February 1st )|
|Over all performance||No Change|
Daily petrol prices in Mumbai were revised beginning on June 15, 2017, after it was felt that the oil marketing companies were capable of revising petrol prices daily. While it was earlier not possible, due to various technical issues, these days it is highly possible to revise prices daily.
The petrol price in Mumbai (Maharashtra) is Rs 106.35 per litre. The petrol price in Mumbai is down by Rs 5 per litre after the state government cut the state taxes on July 14, 2022. Before this, the petrol rates in Mumbai were Rs 111.35 per litre. You can also check the petrol rates in other cities in Maharashtra today and the change in the prices in comparison to the previous day. The petrol price in Mumbai is inclusive of Maharashtra state taxes and central excise tax.
Mumbai, the financial capital of India is home to millions of people is also the city that has the highest petrol price among the other four metro cities of India.
With the highest number of working people, the city has a strong need for petrol. The city is not just the biggest city but also one of the highest energy consumption cities in the country.
Currently, the price of petrol in the city is Rs 109.96. In the last 10 days, the price of petrol hasn't seen any rise all thanks to countermeasures taken by the government. On November 3, in a sudden move, the government reduced the excise duty by Rs 5 and Rs 10, on petrol and diesel respectively. It was considered a response to tackling the continuous price increase in petrol in the country.
The highest price registered in the city was Rs 115.80 per litre on November 3, a day before the government reduced the excise duty. The VAT and the excise duty imposed by the state and the central government are one of the determining factors in settling down the price of petrol in the city. The price of crude oil in the global oil market is responsible for the fluctuation of the price tag across the globe.
In the next couple of months, it is very much possible that the price of petrol might see slow down as the global oil market and the global economies are taking steps to keep the petrol price down. However, it is hard to predict the global market. The petrol price in Mumbai is an affair of domestic strategies in response to the global market.
Mumbai petrol prices in the first few days of price revision are seeing changes of a few paise. This is largely beneficial for consumers as they can easily absorb the same. On the other hand, it may be difficult to absorb the huge burden of say Rs 2-3, which would happen after a fortnight's revision in daily prices. We are providing today's petrol prices, which is largely the daily price, the revision of which happens at 6 am. You would do well to check the daily petrol prices on goodreturns.in and fill petrol, in case you are planning to fill your tank.
Petrol prices in Mumbai are determined in a host of ways, including the international prices of crude and the movement of the currency against the US Dollar. When global prices of the crude rally, they tend to impact domestic petrol prices, which means today's petrol prices in Mumbai are likely to go higher. For example, if crude oil moves from $40 to $70, its impact would most certainly be felt on the prices of petrol at the retail levels.
However, what would also be paramount would be the currency movement. For example, when the US dollar rises against the rupee, crude prices become costlier for fuel. On the other hand, if the rupee gains against the dollar, both petrol and diesel prices become costlier. It is hoped that this, in turn, would entail lowering the prices of petrol at the petrol stations.
There are a host of factors that ultimately lead to higher petrol prices in the city of Mumbai. This includes the import duty and the taxes that are imposed by the state. Apart from this today's petrol prices in Mumbai also reflect the dealer margins, that is the margins that are levied by the retail petrol pumps. Many estimates suggest that petrol rates should work to Rs 40, but we in Mumbai currently end up paying Rs 88 per litre. This is not good and the government must think of reducing the taxes on petrol, to benefit the common man. However, it would be very important to check the petrol rates before you fill your car or vehicle tank.
One can easily monitor the latest petrol updates via an SMS service or a customer support service operated by state-owned oil firms including Bharat Petroleum (BP), Hindustan Petroleum (HP), Indian Oil and Shell Oil. And also he/she can search online by visiting either of these oil firms' websites. Following the below-given methods, fuel consumers of Mumbai can check the current price of Mumbai from the comfort of their homes and office.
Type: RSPDEALER CODE and send it to 9224992249
For Indian Oil- 9224992249
The specifics are also available on company websites and mobile applications such as Fuel@IOC, Smart Drive (BPCL), and My HPCL.
The price of petrol and diesel has shown a huge spike in recent months in Mumbai and other parts of the state. Also, earlier in March 2020, for both automobile fuels, the state government had raised VAT (value added tax) by Re 1 litre each. Amid the lockdown caused by a coronavirus, several governments have increased fuel taxes to increase revenues and also the central government had raised the excise duty on both automobile fuels. However, the increase in excise duty did not translate into a related rise in retail prices, as it was modified to the decline in crude oil rates. Different taxes, including taxes levied by both state and central governments, accounted for around 70% of retail costs. The VAT on petrol and diesel in Maharashtra is 26% and 24% respectively.
Earlier until 2017, the central government of India used to fix the prices of fuel. But the country adopted the dynamic fuel pricing technique on June 15, 2017, and since then the oil marketing companies in India mainly the Indian Oil Corporation Limited (IOCL) will fix the retail prices of petrol and diesel in the country.
Petrol and diesel prices continue to change daily and it is assumed that identifying the perfect fuel price is a hurdle as the main issue in people's minds is how to verify the appropriate fuel price of Mumbai or any other specific city in India. However, various oil and gas companies such as Indian Oil, Bharat Petroleum and Hindustan Petroleum have resulted in various ways of maintaining a tab on reshaping fuel costs, and the best way to track the rate changes is by downloading mobile apps through which Indian fuel consumers can easily track the perfect oil and diesel prices with ease. Top metro cities like Mumbai, Delhi, Kolkata, Bengaluru, Chandigarh, Chennai and many more initiated the Dynamic Fuel Pricing mechanism in June 2017, for petrol and diesel prices. The fuel prices differ due to local taxes and other costs, across states. However, Mobile apps allow fuel consumers to check on-the-go oil prices and one can also view the current fuel rates through SMS services or visit a specific oil company's website as discussed above. Here are the mobile applications which allow you to keep up to date with the latest fuel price from your comfort regularly.
Fuel@IOC-Indian Oil mobile app enables the fuel consumers of Indian oil to easily track the fuel rates of Mumbai or any other city in India from the comfort of their home or office. This app is available to install on both IOS and Android platforms. IOS users can open App Store and search for the app to download whereas Android users can search and download the same by opening the Google Play Store. Indian Oil's mobile application helps users to check for new fuel prices, any time anywhere. Before going out you can just open your mobile to check the latest fuel price of your city or locality, which means the convenience and user-friendly are just at your fingertips. Using this app you can easily understand the current market pattern of fuel prices in Mumbai. Fuel@IOC-IndianOil is available for free for both Apple and Android devices, which are the most popular operating systems. You can directly access Indian Oil's official website in case you do not have IOS or Android mobile. By visiting the website or by using the mobile app of Indian Oil you can conveniently monitor the current fuel price of Mumbai or your locality without leaving your comfort.
BPCL's SmartDrive mobile application enables consumers to maintain records of fuel station purchases and also assists in identifying local fuel stations. SmartDrive is programmed to gather information about consumers and vehicles so that they can give you daily updates about your vehicle's PUC, insurance and service, and is accessible in both the Google Store and the Apple Store. SmartDrive also contains information on all the loyalty purchases on Petrocard and SmartFleet, about specifics of the fuel rates of Mumbai. Your reviews will help the BPCL to better service you, you are very welcome to value the Fuel Stations' enhanced services at the SmartDrive app. You can post pictures of the filling stations that you are satisfied with and express the frustration that you have felt at each of their fuel stations. SmartDrive has a means of establishing a positive partnership with the clients and partners, and at every action you take they pledge that they will stroll with you and be the option for your fuel needs. Cherish the Bharat Petroleum drive and download the SmartDrive App today to stay tuned with the latest petrol price in Mumbai.
My HPCL mobile app issued by Hindustan Petroleum also introduces a better category to keep abreast with the updated and accurate petrol prices of Mumbai. For Android, IOS and Windows users, the mobile app is available for download for free. In addition to offering the revised petrol price of Mumbai regularly, this app also has some interesting features for the fuel consumers of Mumbai such as Outlets & Services, My Vehicle, Updates, customer support section, Feedback, Assistance & Tips and also provides access to Insurance Renewal (with alliance company), DT PLUS (HPCL Rewards Scheme for fleet owners) and HPGAS (LPG). Even though the overall trend is believed to be buyer-centred, fuel prices are now calculated across all parts of the country based on global market dynamics and USD to INR price fluctuations. Mumbai's petrol consumers can conveniently search the city's new gas prices from the convenience of their residence or workplace. Consumers can reach the revised cost of petrol every morning with a few taps before going to the office or filling their vehicle's fuel container. Petrol consumers of Mumbai who do not have a smartphone can also visit the official website of HPCL or else he/she can use the SMS service or the toll-free number of HPCL to track the latest petrol price of the city regularly.
What is the fixed limit GST rate up to date? That is 28 per cent. Such as petrochemicals, petrol is not covered by GST, which means Goods and Services Tax. If GST is to be adopted, all tax elements should be omitted from the current fuel price overview of the market. And the retail selling price (RSP) of petrol will decrease by a wide margin if GST were introduced at its highest stage, i.e. 28 per cent. The change will destroy the revenue source of Maharashtra’s government and the central government. It is the central government's authority to import petrol under the GST system. Conscious of the sectors of natural gas and oil? The whole oil and natural gas market has been put beyond GST's authority. The sector has many participants, ranging from OMCs to fuel bunker operators. It is expected that the implementation of GST in the sector will hurt its participants. For example, industry players are forced to comply with double tax regimes, creating higher delivery costs. The GST authority may recommend increasing the tax rate to make sure that petrol is imposed under the GST regime and that the revenue stream of the state and central government remains constant.
Mumbai, a financial and entertainment hub, and the capital of Maharashtra state is also the centre of discussion when it comes to petrol prices in the country. Mumbai, being the centre of the financial institutions also suffers the price ups and downs whether it is petrol or any other things. In the last few weeks, the petrol price in the city has witnessed a random change. It becomes important to keep an eye on the changes if you have any planned long drives on the long route. GoodRetuns. makes it easy for you to keep an eye on the petrol price ups and downs.
On 23rd November 2021, the price of petrol in the city is Rs 109.98. It is predicted that the price might change shortly as several international affairs are taking place in the oil industry. Government is also keen on its effort to reduce the petrol price in the country. To reduce the price excise duty might be slashed by the government in an attempt to reduce the price like what happened a few days back. However, the price of petrol still suffers as the international price of crude oil plays a major role in the price decision. Central and State government taxes along with Import duty also contribute to determining the price of petrol in the city.
Other than these factors, the movement of the currency against the US Dollar also plays an important role in the price tag of petrol. When the global crude oil price goes up, the domestic price goes up impacting the global economy and the currency against the dollar.
The petrol prices are consistent in Mumbai despite a slump in the global crude rates as economic data spurred concerns about a potential global recession.
The petrol rates in Mumbai were recorded at Rs 106.31 per litre.
In the international markets, Brent was seen at $92.13 per barrel, down by 3.12% and West Texas Intermediate (WTI) at $86.12 per barrel, down by 3.68%.
The oil prices declined by over 3% during Tuesday’s trade session as they slid to their lowest level for the first time since Russia’s invasion of Ukraine. The poor economic data has spurred concerns over a potential global recession, as the markets await clarity on talks to revive a deal which could allow more oil from Iran for exports.
The European Union and the U.S. noted today that they were studying Iran’s response to what the EU has termed as its final proposal to save the 2015 nuclear deal after Tehran called on Washington to show flexibility.
Yesterday, Iran responded to the proposal but none of the parties involved in the matter provided any further details.
UBS analysts note that it is still unclear if Tehran has informed the EU last night, so some tricky items may get impacted due to the outcome of the nuclear deal.16 August 2022
The petrol prices are static in Mumbai despite a drop in the global crude rates on expectations that the U.S. Gulf supply disruption will ease. The petrol rates in Mumbai were recorded at Rs 106.31 per litre.
In the international markets, Brent was seen at $98.15 per barrel, down by 1.46% and West Texas Intermediate (WTI) at $92.09 per barrel, down by 2.38%.
The crude prices slipped around 2% during Friday’s trade session on expectations that supply disruptions in the U.S. Gulf of Mexico will be for a short period, while recession fears clouded the crude demand outlook.
The Brent crude futures declined 1.5% to settle at $98.15 per barrel and West Texas Intermediate (WTI) declined 2.4% to trade at $92.09 per barrel. Both the contracts had gained over 2% on Thursday.
Crews were expected to replace a damaged oil pipeline piece by the end of the day, yesterday, noted a Louisiana port official, allowing for the resumption of production at seven offshore U.S. Gulf of Mexico oil platforms.
An analyst from the Price Futures group notes that we are pulling back a little bit after the big run-up during yesterday’s trade session.
By the end of the day, crews were expected to replace a damaged oil pipeline piece, a Louisiana port official noted, allowing for the resumption of crude production at seven offshore U.S. Gulf of Mexico oil platforms.
Shell, one of the top U.S. Gulf of Mexico oil producers said on Thursday, that it has halted production at three deepwater platforms in the region. These three platforms are designed for outputting up to 410,000 barrels of crude per day combined.13 August 2022
The petrol prices are firm in Mumbai despite a drop in the global crude rates on a cloudy demand outlook. The petrol rates in Mumbai were recorded at Rs 106.31 per litre.
In the overseas forum, Brent traded at $99.03 per barrel, down by 0.57% and West Texas Intermediate (WTI) at $93.73 per barrel, down by 0.65%.
The crude benchmark – Brent futures declined 49 cents or 0.5% to trade at $99.11 per barrel, while WTI declined 0.5% to settle at $93.84 per barrel.
Uncertainty capped price gains as the market absorbed contrasting demand views from the Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA).
Yesterday, the OPEC has trimmed its forecast for growth in the world oil demand for 2022 by 260,000 barrels per day (bpd). It now expects the demand to rise by 3.1 million bpd this year.
The OPEC’s forecast contradicts the IEA’s view which has hiked its forecast for demand growth to 2.1 million bpd, due to the gas-to-oil switching by consumers amidst soaring gas prices.
IEA on the other hand has hiked the outlook for Russia’s crude supply by 500,000 bpd for the second half of 2022 but noted that the OPEC+ will struggle to boost production.12 August 2022
The petrol prices are unvaried in Mumbai although the rise in the crude rates in the international markets after the International Energy Agency (IEA) raised its demand growth outlook for fiscal 2022. The petrol rates in Mumbai were recorded at Rs 96.72 per litre in New Delhi; Rs 106.03 per litre in Kolkata; Rs 106.31 per litre in Mumbai and Rs 102.63 per litre in Chennai.
In the international markets, Brent was seen at $98.86 per barrel, up by 1.50% and West Texas Intermediate (WTI) at $93.54 per barrel, up by 1.75%.
The prices of both the crude benchmarks rose by over 1.50% during Thursday’s trade session as the International Energy Agency (IEA) hiked its oil demand growth forecast for this year as a surge in the gas prices forced few consumers to switch to oil.
The prices of natural gas and electricity have jumped to new highs, incentivizing gas-to-oil switching in a few nations. The Paris-based IEA noted in its monthly oil report, in it has hiked its outlook for 2022 demand by 380,000 barrels per day (bpd).
During last week, the rise in the U.S. oil inventories and the resumption of crude flows on the pipeline supplying central Europe capped the further rise in the prices.
Yet, the U.S. crude oil stockpiles surged by 5.5 million barrels during the most recent weeks, noted the U.S. Energy Information Administration, against the expectations of a rise of 73,000 barrels.11 August 2022
The petrol prices are balanced in Mumbai despite a fall in the global crude rates following a rise in the U.S. crude stockpiles. The petrol rates in Mumbai were recorded at Rs 106.31 per litre.
In the global scenario, Brent was trading at $94.93 per barrel, down by 1.43% and West Texas Intermediate (WTI) at $89.20 per barrel, down by 1.44%.
Both the crude benchmarks slid by over 1% during Wednesday’s trade session as the U.S. crude oil stocks surged by around 2.2 million barrels for the week ended August 5, as per the markets sources citing figures from the American Petroleum Institute (API). An analyst from a Reuters poll forecasted that the crude inventories will rise by around 100,000 barrels.
Though the official figures are yet to be released later today.
Following tensions between Russia and Ukraine, the latter had suspended Russia’s oil pipeline flows to parts of central Europe since the beginning of this month.
The Western sanctions on Russia for its invasion of Ukraine have tightened crude supply in the oil markets. Transneft noted that Western sanctions on Russia had prevented Ukraine from receiving transit fees from Moscow.
Analysts note that demand fears also weighed on the prices of crude.
The growing concerns about the global recession have weighed heavily on the oil futures. The U.S. oil refiners and pipeline operators expect the energy consumption to be robust during the second half of 2022, as per the reviews of the company’s earnings outlook seen by Reuters.10 August 2022
The petrol prices are unvaried in Mumbai despite the slide in the crude rates in the international forum amidst the chance of Iran’s nuclear deal supply boost. The petrol rates in Mumbai were recorded at Rs 106.31 per litre.
In the overseas forum, Brent was trading at $97.50 per barrel, up by 0.88% and West Texas Intermediate (WTI) at $91.47 per barrel, up by 0.78%.
The crude prices approached a multi-month low last week as it was pressurized by the latest progress in talks to review Iran’s nuclear accord of 2015, which will allow Tehran to bolster its exports amidst tighter crude markets.
On Monday, the European Union put forward its final text to revive the deal. One of the senior EU officials noted that a final decision on the proposal needs approval from the U.S. and Iran.
The oil markets are facing tightness at the moment owing to the ban on Russia’s crude imports following its invasion of Ukraine. Many western nations have imposed sanctions on Russia’s oil, tightening the fuel supply in the markets.
Last month, U.S. President – Joe Biden sought a hike in the output from the Organization of the Petroleum Exporting Countries (OPEC) to ease the fuel supply situation during his visit to the Middle East.
In a bearish sign, China, the world’s largest fuel importer and consumer witnessed a drop in crude oil imports by 9.5% from a year earlier, customs data revealed.9 August 2022
The petrol prices are stable in Mumbai despite the march in the global crude rates as strong economic data uplifts the mood of the oil markets. The petrol rates in Mumbai were seen at Rs 106.31 per litre.
In the international markets, Brent was seen at $96.06 per barrel, up by 1.20% and West Texas Intermediate (WTI) at $90.11 per barrel, up by 1.24%.
The crude prices rose over 1% during today’s trade session after hovering at lower levels in the recent past on positive economic data from the United States of America and China. The robust jobs data from America has renewed hopes of an improved fuel demand outlook.
Since the onset of the pandemic crisis, oil prices are witnessing volatility on fears of weak fuel demand and the growing fears of recession have also weighed on the crude prices.
The worries over recession have dented the energy demand as it pushed the front month Brent prices to slide by 13.7%, to their lowest since February. This was the biggest fall in the crude benchmark – Brent since April 2020 and WTI shed 9.7%.
The prices of both contracts recouped some losses following robust jobs data growth in the United States of America. With this, America’s crude demand is likely to accelerate in July, America is one of the world’s top crude consumers.
Yesterday, China surprised markets with its faster-than-expected growth in exports. The dragon country is the biggest importer of fuel globally. The nation purchased 8.79 million barrels per day (bpd) of crude during July, up from a four-year low in June. Yet the import of fuel was 9.5% less than a year earlier, as per the data from the customs data.8 August 2022
The petrol prices are unchanged in Mumbai as Saudi Arabia hikes September’s crude prices to record high levels. The petrol rates in Mumbai were seen at Rs 106.31 per litre.
In the global scenario, Brent was trading at $94.62 per barrel and West Texas Intermediate (WTI) at $89.02 per barrel.
Saudi Arabia, one of the top producers of fuel globally has hiked the September crude oil rates for Asian buyers to record high levels despite declining refining margins.
Saudi Arabia is one of the members of the Organization of the Petroleum Exporting Countries (OPEC) and its member partners including Russia. Now, the official selling price (OSP) for September loading for Arab Light to Asia was hiked by 50 cents per barrel from August to $9.80 a barrel over Oman/Dubai quotes, states oil producer Saudi Aramco.
Though the price hike is less than the market expectations of 70 cents to $1 per barrel.
The profit margins at Asian refiners which process Dubai crude slipped by as much as 96% in July as it was pressured by the growth prospects of global economic recession and weak fuel demand.
The growing worries of economic recession had shrunk the fuel demand, weighing on its prices to drop.6 August 2022
The petrol prices are consistent in Mumbai despite its rebound in the international markets' oversupply concerns. The petrol rates in Mumbai stood at Rs 106.31 per litre.
In the overseas forum, Brent was trading at $96.95 per barrel, up by 0.18% and West Texas Intermediate (WTI) at $90.98 per barrel, up by 0.35%.
The Organization of the Petroleum Exporting Countries (OPEC) and its members including Russia have been increasing output previously but have struggled to meet their set targets as most of the oil producers have already exhausted their potential. For now, the oil producers club have agreed to increase the production by 100,000 barrels per day (bpd) in September, far lower than previous production hikes.
Despite a hike in the production of fuel, the global energy market is witnessing supply shortages, notes an analyst from CMC Markets.
The OPEC+ had cut its forecast for the oil market surplus for fiscal 2022 by 200,000 barrels per day (bpd) to 800,000 bpd, three delegates revealed to Reuters. The growing fears of global recession have diminished the fuel demand, weighing on the prices to decline.
Last month, U.S. President – Joe Biden visited the Middle East nation – Saudi Arabia and asked the group to boost the crude output to help the struggling oil market as it is facing a supply crunch. But Saudi Arabia was reluctant to beef up the production at the expense of Russia, which is facing sanctions from several nations following its invasion of Ukraine.
The ban on Russia’s crude imports has tightened the crude supply in the oil markets.4 August 2022
The petrol prices are even in Mumbai despite witnessing a fall in the global crude rates as fears of recession grip diminishing fuel demand outlook. The petrol rates in Mumbai were recorded at Rs 106.31 per litre.
In the global platform, Brent was seen at $100 per barrel, down by 0.50% and West Texas Intermediate (WTI) at $94.03 per barrel, down by 0.41%.
The members of the Organization of the Petroleum Exporting Countries (OPEC) including Russia will be meeting today. Sources close to Reuters reveal that the oil producers club are likely to keep the output unchanged for September or may raise it slightly.
Meanwhile, Saudi Arabia, the top oil producer noted that it may be reluctant to beef up the output at the expense of its OPEC partner Russia which is facing sanctions from several western nations following its invasion of Ukraine.
The oil prices are witnessing a downward trend over the last few days due to weak demand as the survey shows a contraction of the manufacturing activities globally. During today’s early trade session, the crude prices declined on fears of a slowdown in the global economy hitting the crude demand and a stable dollar.
A robust dollar, bolstered by the comments from the U.S. Federal Reserve Chairman – Jerome Powell hinted at more interest rates in the coming days aimed to cool inflation rates. Apart from this, the firmer greenback also made oil more expensive for the holder of other countries' currencies.3 August 2022