Petrol and diesel have become an indispensable part of our day-to-day life and any revision in the prices of the 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 Wednesday.
As per the latest reports, customers are reportedly paying Rs 103.11 per litre of petrol in the State Capital while diesel is sold at Rs 94.68 a litre.
In Cuttack, customers are paying Rs 103.54 and Rs 95.10 per litre of petrol and diesel respectively.
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 103.85. Similarly, petrol is being sold at Rs 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 barrel 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 patrol by Rs 8 per litre and Rs 6 per litre on diesel, which provided some support for demand.