Crude Oil Price
The crude oil futures contract closed up 1 percent in late trade on Thursday. Brent crude futures for December expiration rose 1 percent to $92.38, while U.S. WTI crude futures for November expiration closed up 1.2 percent at $89.37. Crude oil futures were up more than a dollar from yesterday’s lows.
The US has decided to ease sanctions on crude oil after the Venezuelan government and opposition parties reached an agreement to hold fair elections in 2024. License granted for transactions in energy sector for six months. Through this, more crude oil reaching the market may prevent the price increase. Venezuela has the world’s largest proven crude oil reserves.
Petrol and diesel prices in India have not seen any change so far, even though crude oil prices have been fluctuating in the international market. The central government is not ready to change the vehicle fuel prices in the country for more than a year and a half. Crucial assembly elections and general market inflation have held back the government from raising fuel rates.
Meanwhile, in Delhi, the price of a liter of petrol remains unchanged at Rs 96.72 and diesel at Rs 89.62. In Mumbai, petrol costs Rs 106.31 and diesel Rs 94.27 each. In the city of Kolkata, the price of a liter of petrol remains unchanged at Rs 106.03 and diesel at Rs 92.76. Petrol price in Chennai remains at Rs 102.63 and diesel at Rs 94.24.
Similarly, there was no change in petrol and diesel prices in Kerala on Thursday. In Thiruvananthapuram district, the price of one liter of petrol remains unchanged at Rs 109.73 and diesel at Rs 98.53. In Kochi city, petrol price is Rs 107.78 and diesel price is Rs 96.70. In Kozhikode district, the price of a liter of petrol remains unchanged at Rs 108.28 and diesel at Rs 97.20.