Oil has rallied from historic lows hit last year, thanks to record OPEC+ output cuts
The price of petrol
in the national capital remained unchanged on Thursday, at Rs 86.30 a litre, for an eighth straight day. Diesel also unchanged at Rs 76.48 a litre.
and diesel prices
had last been raised by 25 paise a litre on January 27, according to a price notification from oil marketing companies. This had taken the prices in Delhi to Rs 86.30 and Rs 76.48 per litre, respectively.
prices in Mumbai on Thursday stood at Rs 92.86 per litre -- the same as yesterday. One litre of diesel now costs Rs 83.30 in the city. In Chennai, petrol remained unchanged at Rs 88.82, and diesel was retailing at Rs 81.71.
In Kolkata, the retail price of petrol remained at Rs 87.69 and diesel at Rs 80.08 per litre.
Rates differ from state to state, depending on value-added tax (VAT). Petrol and diesel prices
are revised on a daily basis in line with benchmark international price and foreign exchange rates.
The present stability in fuel prices has come after weeks of rise. Crude oil price had remained firm in the past few weeks because of unilateral production cuts announced by Saudi Arabia and a pick-up in consumption in all major economies globally. The top oil explorer had pledged additional voluntary output cuts of 1 million barrels per day in February and March.
OPEC+ maintained its oil output policy at a meeting on Wednesday, a sign producers are happy that their deep supply cuts are draining inventories despite an uncertain outlook for a recovery in demand as the pandemic lingers.
A Joint Ministerial Monitoring Committee of the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, is "optimistic for (a) year of recovery in 2021," OPEC said in a statement after the panel met virtually.
Oil has rallied from historic lows hit last year, thanks to record OPEC+ output cuts that the group is starting to unwind.
Global benchmark Brent extended gains after the meeting and rose towards $59 a barrel, its highest since late February 2020.