Prices of Fuel on October 14

14 Oct 2022 , 10:54 AM

According to the most recent price notice sent out by fuel merchants, the price of gasoline and diesel remained stable on October 14 across metro areas. Delhi's prices for gasoline and diesel per litre are Rs96.72 and Rs89.62, respectively. Diesel costs Rs94.27 and gasoline costs Rs106.31 a liter in Mumbai. In Chennai and Kolkata, the prices for gasoline and diesel, respectively, are Rs102.63 and Rs94.24 and Rs106.03, and Rs92.76.

Early Friday morning Asian trade saw a decline in global crude prices as US gasoline and crude stocks rose and Saudi Arabia and the US government remained at odds over OPEC+'s intentions to reduce output. By 00:34 GMT, Brent oil futures had decreased by 15 cents, or 0.2%, to $94.42 per barrel, while US West Texas Intermediate (WTI) crude futures had declined by 21 cents, or 0.2%, to $88.90 per barrel.

Last week, the Organization of the Petroleum Exporting Countries (OPEC) and its allies, which included Russia, increased prices by agreeing to reduce production by 2 million barrels per day (bpd). According to the IEA, the OPEC+ plan has "derailed the growth trajectory of oil supply over the balance of this year and next, with the higher price levels consequent increasing market volatility and intensifying energy security concerns."

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