Opec output cut: Petrol, diesel price freeze in India just gets longer
NEW DELHI: The record six-month-long freeze in petrol and diesel price revision in all likelihood will be extended after international oil prices rose on the announcement of deep production cuts by Opec+.
Some of the world’s top oil-producing countries on Wednesday agreed to slash production by two million barrels per day to spur recovery in oil prices that had dropped to pre-Ukraine war levels.
For India, this is bad news as a fall in oil prices in recent weeks had helped it cut down on its import bill as well as limit losses that state-owned fuel retailers were incurring on selling petrol and diesel.
