As of August 23, the cost of gasoline and diesel remained steady, according to the most recent price notification that fuel retailers sent out. The pricing has been unchanged for more than a month. Mumbai residents pay Rs106.31 for a liter of gasoline and Rs94.27 for a liter of diesel. A liter of gas or diesel costs Rs96.72 or Rs89.62 in Delhi. Diesel and gasoline costs, respectively, are Rs102.63 and Rs94.24 and Rs106.03 and Rs92.76 in Chennai and Kolkata.
For every liter of gasoline and per liter of diesel, oil marketing companies reportedly lose Rs. 13.08 and Rs. 24.09, respectively. The majority of the fuel India needs is imported. After Saudi Arabia said OPEC would cut supply to stop a recent fall in oil futures, oil prices slightly increased on Tuesday. At 00:04 GMT, Brent oil futures rose 32 cents to $96.80 a barrel following a volatile session on Monday in which they dropped more than $4 before cutting losses to trade virtually flat.
West Texas Intermediate crude futures for the United States were up 37 cents to $90.73 a barrel as of 00:04 GMT. The benchmarks have decreased by about 12% and 8%, respectively, this month. The group’s chief member, Saudi Arabia, said on Monday that OPEC is ready to reduce production in order to reverse the recent decline in oil prices that has been blamed to weak futures market liquidity and macroeconomic worries while disregarding the extremely restricted physical crude supply.
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