Petrol price was cut by 25 paise a litre and diesel by 17 paise.Petrol and diesel prices were cut for the fourth straight day on Sunday on China foam wall panel barrel screws Factory softening international oil prices, providing some relief to consumers battered by t months of relentless rate hikes.New Delhi: Petrol and diesel prices were cut for the fourth straight day on Sunday on softening international oil prices, providing some relief to consumers battered by two months of relentless rate hikes.Petrol price was cut by 25 paise a litre and diesel by 17 paise, according to the price notification of state-owned oil firms. In Delhi, petrol now costs Rs 81.74 a litre and diesel is priced at Rs 75.19 per litre.In Mumbai, petrol is sold for Rs 87.21 per litre and diesel at Rs 78.82.

Fuel prices have been declining since Thursday as oil companies factored in softening of international rates. In four days, petrol price has been cut by Rs 1.09 per litre and diesel by 50 paise.State-run oil marketing companies Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) revise fuel prices with effect from 0600 hrs on a daily basis.The rates were reduced by a minimum Rs 2.50 per litre across the country on October 5, when the government cut excise duty on petrol and diesel by Rs 1.50 a litre and asked oil PSUs to subsidise the fuels by another Re 1 a litre. The reduction in BJP-ruled states was more as they matched this cut by an equivalent reduction in local sales tax or VAT.The price cut follows international oil prices trading near the lowest level in a month on a bigger-than-expected gain in American stockpiles.

On Friday, West Texas Intermediate for November delivery settled at USD 69.12 a barrel on the New York Mercantile Exchange, while Brent for December settlement was at USD 79.78 a barrel on the London-based ICE Futures Europe exchange.Brent had earlier this month hit a four-year high of USD 86.74 a barrel. Prior to Thursday39;s cut in rates, diesel price had risen by Rs 2.74 per litre since October 5 to more than wipe away the excise duty cut and oil firm subsidy. Petrol price had during this period risen by Rs 1.33 a litre. Before the October 5 price cut, petrol in Delhi had hit an all-time high of Rs 84 per litre and diesel was at record Rs 75.45.This came down to Rs 81.50 per litre for petrol and Rs 72.95 in case of diesel. In Mumbai, petrol had hit a peak of Rs 91.34 hit on October 4 and diesel was sold at a record high of Rs 80.10.end-ofTags: diesel prices, petrol prices, fuel prices, oil marketing companiesLocation: India, Delhi, New Delhi.

Spot prices are higher than those in future months in a backwardated market.Asia’s incremental demand for September-loading Middle East crude weakened last month with several North Asian refineries scheduled to shut for maintenance during their autumn season.Asia’s incremental demand for September-loading Middle East crude weakened last month with several North Asian refineries scheduled to shut for maintenance during their autumn season.Saudi Arabia’s crude OSPs are usually released around the fifth of each month, and set the trend for Iranian, Kuwaiti and Iraqi prices, affecting more than 12 million barrels per day (bpd) of crude bound for Asia.Strong fuel oil margins, however, are likely to support prices for heavier grades that produce more of the residual fuel, survey respondents said. (Photo: File)SINGAPORE: Top oil exporter Saudi Arabia may cut prices for most of the crude grades it sells to Asia for a second straight month in September after Middle East benchmark prices weakened.

End-ofTags: oil exporter, crude oil.Two of the five respondents expect Arab Heavy crude’s OSP to stay unchanged in September, while most of the respondents said Arab Medium’s September OSP could fall by 20-40 cents a barrel.State oil giant Saudi Aramco sets its crude prices based on recommendations from customers and after calculating the change in the value of its oil over the past month, based on yields and product prices.The cuts would track a backwardation between prompt and third month Dubai prices that narrowed by 70 cents a barrel in July versus June.Saudi Aramco officials as a matter of policy do not comment on the kingdom’s monthly OSPs.“Fuel oil cracks rallied the most,” one of the respondents said, adding that this could lead to smaller price adjustments for Arab Medium and Arab Heavy crude versus light grades.The official selling price (OSP) for flagship Arab Light crude single screw barrel Manufacturers could drop by at least 50 cents a barrel, falling below a premium of USD 2 a barrel for the first time in four months, a Reuters survey of five buyers in Asia showed.

Spot prices are higher than those in future months in a backwardated market.Asia’s incremental demand for September-loading Middle East crude weakened last month with several North Asian refineries scheduled to shut for maintenance during their autumn season.Asia’s incremental demand for September-loading Middle East crude weakened last month with several North Asian refineries scheduled to shut for maintenance during their autumn season.Saudi Arabia’s crude OSPs are usually released around the fifth of each month, and set the trend for Iranian, Kuwaiti and Iraqi prices, affecting more than 12 million barrels per day (bpd) of crude bound for Asia.Strong fuel oil margins, however, are likely to support prices for heavier grades that produce more of the residual fuel, survey respondents said. (Photo: File)SINGAPORE: Top oil exporter Saudi Arabia may cut prices for most of the crude grades it sells to Asia for a second straight month in September after Middle East benchmark prices weakened.

End-ofTags: oil exporter, crude oil.Two of the five respondents expect Arab Heavy crude’s OSP to stay unchanged in September, while most of the respondents said Arab Medium’s September OSP could fall by 20-40 cents a barrel.State oil giant Saudi Aramco sets its crude prices based on recommendations from customers and after calculating the change in the value of its oil over the past month, based on yields and product prices.The cuts would track a backwardation between prompt and third month Dubai prices that narrowed by 70 cents a barrel in July versus June.Saudi Aramco officials as a matter of policy do not comment on the kingdom’s monthly OSPs.“Fuel oil cracks rallied the most,” one of the respondents said, adding that this could lead to smaller price adjustments for Arab Medium and Arab Heavy crude versus light grades.The official selling price (OSP) for flagship Arab Light crude single screw barrel Manufacturers could drop by at least 50 cents a barrel, falling below a premium of USD 2 a barrel for the first time in four months, a Reuters survey of five buyers in Asia showed.

Spot prices are higher than those in future months in a backwardated market.Asia’s incremental demand for September-loading Middle East crude weakened last month with several North Asian refineries scheduled to shut for maintenance during their autumn season.Asia’s incremental demand for September-loading Middle East crude weakened last month with several North Asian refineries scheduled to shut for maintenance during their autumn season.Saudi Arabia’s crude OSPs are usually released around the fifth of each month, and set the trend for Iranian, Kuwaiti and Iraqi prices, affecting more than 12 million barrels per day (bpd) of crude bound for Asia.Strong fuel oil margins, however, are likely to support prices for heavier grades that produce more of the residual fuel, survey respondents said. (Photo: File)SINGAPORE: Top oil exporter Saudi Arabia may cut prices for most of the crude grades it sells to Asia for a second straight month in September after Middle East benchmark prices weakened.

End-ofTags: oil exporter, crude oil.Two of the five respondents expect Arab Heavy crude’s OSP to stay unchanged in September, while most of the respondents said Arab Medium’s September OSP could fall by 20-40 cents a barrel.State oil giant Saudi Aramco sets its crude prices based on recommendations from customers and after calculating the change in the value of its oil over the past month, based on yields and product prices.The cuts would track a backwardation between prompt and third month Dubai prices that narrowed by 70 cents a barrel in July versus June.Saudi Aramco officials as a matter of policy do not comment on the kingdom’s monthly OSPs.“Fuel oil cracks rallied the most,” one of the respondents said, adding that this could lead to smaller price adjustments for Arab Medium and Arab Heavy crude versus light grades.The official selling price (OSP) for flagship Arab Light crude single screw barrel Manufacturers could drop by at least 50 cents a barrel, falling below a premium of USD 2 a barrel for the first time in four months, a Reuters survey of five buyers in Asia showed.

[Brent crude for October gained 29 cents to $44.56 a barrel.(Representational Image) Brent crude for October gained 29 cents to $44.56 a barrel. Singapore: Oil edged higher to near $42 a barrel in Asia Monday but analysts said the increase was unlikely to last as the commodity remains under pressure by a supply glut and a strong dollar.Prices have been fluctuating since entering a bear market last week, falling more than 20 per cent and closing below $40 a barrel for the first time since April.Initially recovering as US commercial crude inventory data showed an unexpected draw in gasoline, prices tumbled again later in the week after robust hiring numbers from the US government pushed the dollar higher.A stronger greenback typically makes dollar-priced oil more expensive for consumers using other currencies, denting demand.Weekly rig count data released Friday also showed that US drillers added seven rigs that week, up for the sixth straight week and indicating higher production activity amid an oversaturated market."Modest short covering has probably given oil some boost," said IG Markets analyst Bernard Aw, adding however, that the bounce was unlikely to last.

"Rising US rig additions, low probability of OPEC to revive.T freeze output talks, and weakening demand present a great barrier for oil prices to move higher," he told AFP.At around 0630 GMT, US benchmark West Texas Intermediate for delivery in September was up 28 cents to $42.08 and Brent crude for October gained 29 cents to $44.56 a barrel."Upbeat jobs data from the US Wood plastic crust foam screw barrel Manufacturers showed that the jobs growth was much higher in July than estimates, and helped to push the US dollar [higher], applying pressure on crude prices," said EY Services oil and gas analyst Sanjeev Gupta."While markets will continue to look for clues from economic data from China and Eurozone, due to the overhang of high inventory levels and continuing concerns of oversupply, crude prices are likely move in a tight range over the next couple of weeks," Gupta added.end-of.