Petrol and diesel have become an indispensable part of our day-to-day life and any revision in the prices of petroleum products affects all the major sectors directly or indirectly.
Though the prices of fuel continued to be on the higher side, no large change has been witnessed in the rates of the fuel in different places of Odisha on Tuesday.
While customers are reportedly paying Rs 103.63 per litre of petrol in the Capital city, diesel is available at Rs 95.18 a litre. Similarly, petrol and diesel are available at Rs 103.37 and Rs 94.93 per litre respectively in Cuttack.
As per a fuel rate chart, petrol is being sold at 109.20 in Malkangiri. In Ganjam, petrol costs Rs 104.54 and in Sambalpur, the petroleum product is priced at Rs 103.29. Similarly, petrol is being sold at 103.75 in Bhadrak and Rs 108.01 in Koraput.
Meanwhile, India's oil product demand in May was up 860,000 barrels per day or 22 per cent year-on-year from a low base in 2021, S&P Global Commodity Insights said in a note.
The demand for May was some 80,000 barrels higher than its growth forecast, partly due to stronger-than-expected demand for transportation and the government's announcement of a cut in excise duty on petrol by Rs 8 per litre and Rs 6 per litre on diesel, which provided some support for demand.
On a year-on-year basis, demand growth was driven by diesel, petrol and other minor products, which were up 416,000 barrels per day, 282,000 barrels per day and 161,000 barrels per day, respectively.
Kerosene/jet fuel and fuel oil also posted positive growth, rising by 67,000 barrels and 25,000 barrels, respectively.