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Odishatv Bureau

The rates of petrol and diesel have been considerably steady in Odisha and other parts of the country. 

Fuel prices, especially of petrol and diesel, are very sensitive to global crude prices. Prices of the petroleum products have now been aligned to market rates. This means fuel price will rise each time, global crude prices rise and the rupee falls against the dollar.

As per August 12 updates, petrol is being sold at Rs 103.19 and Rs 103.59 in Bhubaneswar and Cuttack respectively. On Friday, while diesel price in Bhubaneswar is Rs 94.76, in Cuttack the fuel's rate is Rs 95.14.

Petrol price at Angul remained the same Rs 104.71 on Friday while in Balasore, it is sold at Rs 103.95. Petrol price in Bargarh is Rs 103.85. It is sold at Rs 104.05 in Bhadrak, Rs 105.91 in Bolangir, Rs 103.98 in Dhenkanal, Rs 103.77 in Jajpur, Rs 104.84 in Keonjhar and Rs 103.44 in Puri.

Similarly, Diesel is being sold at Rs 96.22 in Angul, at Rs 95.41 in Bargarh, at Rs 95.60 in Bhadrak, Rs 95.52 in Dhenkanal, Rs 95.29 in Jajpur, Rs 96.32 in Keonjhar, Rs 99.24 in Koraput and Rs 100.29 in Malkangiri.

As reported, the Organisation of the Petroleum Exporting Countries (OPEC) has further revised down its forecasts for this year's global economic growth and oil demand, following a previous downward revision in May.

The oil alliance that the world economy is expected to grow by 3.1 per cent in 2022, compared to its forecast of 3.5 per cent in the previous three months.

In its May report, OPEC had already lowered its forecast for global economic growth this year from 3.9 to 3.5 per cent. This projection was maintained until July, Xinhua news agency reported.

Risks facing the world economy include ongoing geopolitical tensions and supply chain issues, the continued Covid-19 pandemic, rising inflation, high sovereign debt levels in many regions, and expected monetary tightening by central banks in the US, Britain, Japan and the Euro zone.

The oil-producer group has also forecast that global oil demand will average around 100 million barrels per day (bpd), down from the previous month's estimate of 100.3 million bpd.

The revised oil demand forecast is due to "expectations of a resurgence of Covid-19 restrictions and ongoing geopolitical uncertainties" in the second half of this year.

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