Price of fuel on October 6

6 Oct 2022 , 11:06 AM

According to the most recent price notice sent out by fuel merchants, gasoline and diesel prices are stable on October 6 across metro areas.

Delhi charges Rs96.72 for gasoline and Rs 89.62 for diesel per liter, respectively. Diesel costs Rs94.27 per liter and gasoline costs Rs106.31 in Mumbai. In Chennai, the cost of gasoline and diesel is Rs102.63 and Rs94.24, while in Kolkata, they are respectively Rs106.03 and Rs92.76.

After OPEC+ decided to significantly reduce the supply of crude oil by cutting output by around 2 million barrels per day, oil prices started to rise in early Asian trade on Thursday. The OPEC+ deal, which restricts supply in a market that is already constrained, was reached between the Organization of Petroleum Exporting Countries and allies, including Russia.

By 00:27 GMT, Brent crude futures had increased by 46 cents, or 0.5%, to $93.83 per barrel, while West Texas Intermediate (WTI) crude futures had increased by 45 cents, or 0.5%, to $88.21 per barrel. According to three OPEC+ sources, the joint ministerial monitoring committee made an agreement to reduce oil output by 2 million barrels per day.

Oil prices have fallen to approximately $90 from $120 three months ago owing to concerns of a worldwide economic slowdown, increasing U.S. interest rates, and a stronger currency. The OPEC+ cut might help them rise again. OPEC+, which also includes Saudi Arabia and Russia, is attempting to reduce production by 1-2 million barrels per day, with some reports suggesting that the reductions may really be closer to 2 million.

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