Brent crude oil fell by 2.1 percent and US WTI crude oil by 1.9 percent each during the past trading week. On November 30, the OPEC Plus (an alliance of oil producing countries that includes Russia and its allies) held an online ministerial meeting on the effectiveness of the production control set for the first financial quarter of 2024, raised doubts in the investor world and weakness in the global manufacturing sector, the crude oil market suffered a setback. Meanwhile, falling crude oil prices are good for the Indian economy.
In the first quarter of 2024, the OPEC Plus meeting agreed to cut crude oil production by 22 lakh barrels per day. This is in addition to the 13 lakh barrels already cut in production by Saudi Arabia and Russia. At the same time, crude oil, which had jumped up to 98 dollars in September, has now fallen below 80 dollars. OPEC Plus has decided to extend the crude oil production cuts till 2024 due to the conclusion that the global demand for crude oil will be weak.
Petrol and diesel rates
No change in auto fuel prices was reported on Saturday as well, including in major metro cities of the country. Petrol price in Delhi city remains unchanged at Rs 96.72 per liter and diesel at Rs 89.62 per litre. In Mumbai, petrol price remains at Rs 106.31 and diesel at Rs 94.27. A liter of petrol in Kolkata is priced at Rs 106.03 and diesel at Rs 92.76. Petrol price in Chennai is Rs 102.63 and diesel is Rs 94.24.
Meanwhile, no significant change has been recorded in vehicle fuel prices in Kerala today. In Thiruvananthapuram district, the price of one liter of petrol remains unchanged at Rs 109.73 and that of diesel at Rs 98.53. The price of petrol in Kochi city limits remains at Rs 107.78 and diesel at Rs 96.70. In Kozhikode district, the price of one liter of petrol remains unchanged at Rs 108.28 and diesel at Rs 97.20.