Oil prices

Widely used in edible oil blending, cosmetics, processed food products, and even in biofuel, palm oil's prices on Bursa Malaysia Derivatives is considered to be the global benchmark among trade circles. Crude palm oil prices on the BMD rose 27 per cent during the year-to-date period in 2021 to around 4,949 ringgits (Rs 88,443), while on Multi Commodity Exchange of India, it rose just over 10 per cent to Rs 1,115 rupees per 10 kg.

The West Texas Intermediate for February delivery added $1.64, or 2.3 per cent, to settle at $72.76 a barrel on the New York Mercantile Exchange. Brent crude for February delivery increased 1.31 dollars, or 1.8 per cent, to close at 75.29 dollars a barrel on the London ICE Futures Exchange, Xinhua news agency reported.

Accordingly, diesel and petrol prices in Delhi stood at Rs 86.67 per litre and Rs 95.41 per litre, respectively. In the financial capital Mumbai, the prices remained unchanged at Rs 94.14 and Rs 109.98 respectively. Prices also remained static in Kolkata at Rs 89.79 and Rs 104.67 respectively.

It is noteworthy to mention here that prices of the petrol and diesel have been untouched post the revision of duties by the Centre and state governments in early November. Accordingly, diesel and petrol prices in Delhi remained static at Rs 86.67 per litre and Rs 103.97 per litre, respectively on Tuesday.

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.

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.

The annual rate of inflation, based on wholesale prices, rose to 12.54 per cent last month from 10.66 per cent in September. Similarly, on a YoY basis, the Wholesale Price Index (WPI) data furnished by the Ministry of Commerce and Industry has risen exponentially over October 2020, when it stood at 1.31 per cent.

The West Texas Intermediate for December delivery added 48 cents to settle at 84.05 US$ a barrel on the New York Mercantile Exchange. Brent crude for January delivery increased 99 cents to close at 84.71$ a barrel on the London ICE Futures Exchange.

The prices of petrol and diesel have been paused after the daily hike for four consecutive days. The fuel prices were not hiked on October 12 and 13 but for the next four days, there was a daily hike in petrol, diesel prices. As a result, the petrol price in Delhi remained Rs 105.84 a litre. Similarly, the petrol price in Mumbai continued at 111.77 per litre. As for diesel, the price remained at Rs 94.57 in Delhi per litre and Rs 102.52 a litre in Mumbai.