The prices of petrol and diesel have remained mostly unchanged at different places in Odisha on Thursday.
While customers are reportedly paying Rs 103.18 per litre of petrol in the Capital city, diesel is available at Rs 94.75 a litre.
Similarly, petrol and diesel are available at Rs 103.34 and Rs 94.90 per litre respectively in Cuttack.
As per the fuel rate chart, petrol is being sold at 108.92 in Malkangiri. In Ganjam, petrol costs Rs 104.66 and in Sambalpur the petroleum product is priced at Rs 103.97. Similarly, petrol is being sold at 103.73 in Bhadrak and Rs 107.79 in Koraput.
It can be noted that India meets 80 per cent of its oil needs through imports. Retail rates are adjusted according to the global movement in crude prices.
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 the other hand, Global oil markets have tightened after a rebound in economic activity, with Russia’s invasion of Ukraine exacerbating the squeeze by upending trade flows. OPEC+ is expected to rubber-stamp another modest supply increase for August this week, although the cartel has struggled to meet its targets this year.