Oil Market

Accordingly, diesel and petrol prices in Delhi remained static at Rs 86.67 per litre and Rs 103.97 per litre, respectively.In the financial capital Mumbai, they were priced at Rs 94.14 and Rs 109.98, respectively. Prices also remained static in Kolkata at Rs 89.79 and Rs 104.67, respectively. In Chennai, petrol and diesel remained at Rs 91.43 and Rs 101.40.

Lately, crude oil from strategic reserves have been released by a select few countries to counter the rising prices. Similarly, India will release 5 million barrels of crude oil from its strategic petroleum reserves. However, experts said that this release from the reserves won't fully serve the purpose. In technical parlance, strategic reserves are typically underground stores where countries store a sizable portion of their fuel requirements in order to fulfil its demand in case of any exigency or crisis.

Accordingly, petrol and diesel prices remained static for the 20th consecutive day on Wednesday under the daily price revision mechanism followed by oil marketing companies. So, the pump price of petrol in Delhi, which fell to Rs 103.97 a litre at 6 a.m. on the Diwali day on November 4 from the previous day's level of Rs 110.04 a litre, remained at the same level on Wednesday. The diesel price also remained unchanged in the capital at Rs 86.67 a litre.

Of the 50 million barrels, 32 million barrels will be an exchange over the next several months, releasing oil that will eventually return to the SPR in the years ahead, Xinhua news agency quoted the White House as saying on Tuesday. Meanwhile, 18 million barrels will be an acceleration into the next several months of a sale of oil that Congress had previously authorised, it added.

The pump price of petrol in the national capital Delhi on Thursday remained steady at Rs 103.97 a litre and diesel prices at Rs 86.67 a litre. The fuel prices had last gone down when the Central government had reduced the excise duties on Diwali eve, November 4. The petrol price in the financial capital Mumbai continued to be at Rs 109.98 a litre and diesel Rs 94.14 a litre.

Accordingly, petrol and diesel prices remained static for 18th consecutive day under the daily price revision mechanism followed by the OMCs. The pump price of petrol in Delhi, which fell to Rs 103.97 a litre at 6 a.m. on the Diwali day on November 4 from previous day's level of Rs 110.04 a litre, remains at the same level. The diesel prices also remained unchanged at Rs 86.67 a litre. In the financial capital Mumbai, petrol continues to be priced at Rs 109.98 a litre and diesel at Rs 94.14 a litre.

Accordingly, petrol and diesel prices remained static for the 12th consecutive day on Tuesday under the daily price revision mechanism followed by oil marketing companies. So, the pump price of petrol in Delhi, which fell to Rs 103.97 a litre at 6 a.m. on the Diwali day on November 4 from previous days' level of Rs 110.04 a litre, remained at the same level on Tuesday. The diesel prices also remained unchanged in the capital at Rs 86.67 a litre.

"As far as the government of India is concerned, we are going to step on the accelerator in terms of exploration and production in a very big way," Puri said after opening the India pavilion at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) on Monday. India will double its oil and gas exploration acreage in the northeast part of the country.

Held through video conference, the 22nd OPEC (Organization of the Petroleum Exporting Countries) and non-OPEC Ministerial Meeting that concluded here on Thursday, reaffirmed the decision "to adjust upward the monthly overall production by 0.4 million barrels per day (mbd) for the month of December 2021."

The project with a capex of Rs 3,681 crore will be commissioned in 54 months from stage 1 investment approval. The project is proposed to have a capacity of 120 KTA (kilo tonnes per annum) of maleic anhydride (MAH) that is used to make speciality products like polyester resins and surface coatings, plasticisers, agrochemicals, and lubricant additives.