Sanctions game
The global oil market has become a battleground of sanctions and strategic manoeuvres.
After rising for five consecutive days, petrol and diesel prices on Wednesday were stabilized. Crude oil prices also remained flat on soft demand in the international market.
On Tuesday, commuters were shocked to witness a sudden rise in petrol prices. In metropolitan cities like Delhi and Mumbai the petrol price was increased by 10 paise per litre, while in southern Chennai and eastern Kolkata it rose by nine paise per litre. However, diesel prices were slashed by six paise per litre.
According to the Indian Oil website, petrol prices in Delhi, Kolkata, Mumbai and Chennai remained unchanged at Rs 73.30, Rs 76.00, Rs 78.97 and Rs 76.18 per litre, respectively. Whereas, diesel prices in the four metros have also been maintained at Rs 65.79, Rs 68.20, Rs 69.01 and Rs 69.54 per litre, respectively.
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Brent crude’s January delivery contract on the international futures market Intercontinental Exchange was trading at $61.91 per barrel, slipped by 0.24 per cent on Wednesday. At the same time, the December contract of American light crude West Texas Intermediate on the New York Mercantile Exchange slipped by 0.12 per cent at $56.73 per barrel.
(With input from agencies)
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