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The prices of petrol and diesel remained steady on Thursday for nearly two weeks since Finance Minister Nirmala Sitharaman announced a cut in excise duty on petrol by 8 per litre, and 6 rupees per litre on diesel.
The price of petrol in Delhi stands at ₹96.72 per litre while cost of diesel is ₹89.62, as per the data available on Indian Oil Corporation website. In Gurugram, one litre of petrol will cost ₹97.81 and ₹90.05 for one litre of diesel.
In Mumbai, petrol currently costs ₹111.35, while diesel is retailing at ₹97.28, following the reduction of excise duty and VAT. In Chennai, the petrol and diesel prices are at ₹102.65 and ₹94.24 per litre. In Kolkata, the price of petrol is ₹106.03 and diesel is ₹92.76 . In Bengaluru, one litre of petrol will cost ₹101.94 and one litre of diesel will cost ₹87.89.
ajor oil producers led by Saudi Arabia and Russia hold talks Thursday on whether to adjust output, hard on the heels of an EU ban on Russian oil imports.
Analysts had expected OPEC producers to likely stick to their policy of only increasing output modestly, as they have done since May 2021.
However, a Wall Street Journal report on Monday that said OPEC was considering suspending Russia from the output deal has sown doubts.
"Such a move would effectively bring a premature end to the group's supply agreement and pave the way for an unrestricted increase in output," Stephen Brennock, an analyst at PVM Energy, said.
The 13 members of the Organization of the Petroleum Exporting Countries, chaired by Saudi Arabia, and their 10 partners, led by Russia, drastically slashed output in 2020 as demand slumped because of the coronavirus pandemic and worldwide lockdowns.
They have increased output modestly to the tune of around 400,000 barrels per day each month since last year, resisting pressure by top consumers, including the United States, to open the taps wider.
The expectation was that output would increase by another 432,000 barrels per day in July.
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