New Delhi: Petrol and diesel prices were reduced across cities today. In Delhi, Kolkata and Bengaluru, petrol became cheaper by 22 paise and diesel by 25 paise, respectively. In Mumbai, petrol price was reduced by 22 paise, while diesel became a tad more cheaper by 27 paise.

Petrol now costs 70.70 per litre in Delhi, 71.24 in Bengaluru, 76.28 in Mumbai, 73.57 in Chennai and 72.75 in Kolkata.

A litre of diesel, on the other hand, costs 65.30 in Delhi, 65.63 in Bengaluru, 68.32 in Mumbai, 69.19 in Chennai and 67.03 in Kolkata.

Petrol prices had hit an all-time high of 84 per litre in Delhi and 91.34 in Mumbai on October 4, when crude oil was also trading at higher levels.

Global oil prices, however, ended more than 2% higher on Friday after OPEC members and allies, including Russia, agreed to reduce output to drain global fuel inventories and support the market, but the gains were capped by concerns that the cuts would not offset growing production.

The Organization of the Petroleum Exporting Countries and its Russia-led allies, referred to as “OPEC+," agreed to slash production by a combined 1.2 million barrels per day next year in a move to be reviewed at a meeting in April. This was larger than the minimum 1 million bpd that the market had expected, despite pressure from US President Donald Trump to reduce the price of crude.

OPEC will curb output by 800,000 bpd from January while non-OPEC allies contribute an additional 400,000 bpd of cuts, Iraqi oil minister Thamer Ghadhban said after the organization concluded two days of talks in Vienna.

Also read: US becomes a net oil exporter for first time in 75 years

With agency inputs

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