Petrol prices hiked for third time in 5 days, diesel rates rise. Check today’s rates
In Delhi, petrol today retailed at ₹70.53 a litre, in Kolkata ₹72.62, in Mumbai ₹76.15, in Chennai ₹73.19 and in Bengaluru ₹71.1
New Delhi: The prices of both petrol and diesel were today raised by oil marketing companies. Petrol prices were up 19-20 paise in top metro cities. In Delhi, petrol today retailed at ₹ 70.53 a litre – the third hike in five days. In Kolkata, petrol today retailed at ₹ 72.62 a litre, in Mumbai ₹ 76.15, in Chennai ₹ 73.19 and in Bengaluru ₹ 71.1 . Similarly, diesel prices today went up by 9-10 paise in top cities. In Delhi, diesel today retailed at ₹ 64.47 a litre, in Kolkata ₹ 66.23, in Mumbai ₹ 67.47, in Chennai ₹ 68.07 and in Bengaluru ₹ 64.82.
In India, the price of petrol and diesel that motorists pay for at the pump depends on the global crude rates, rupee-dollar exchange rate and centre and state-level taxes. Global oil prices have oscillated in a range in recent days as investors weigh the recent supply cuts announced by the OPEC and concerns over global demand. OPEC and other big oil producers including Russia earlier this month said that they agreed to cut production by 1.2 million barrels per day (bpd).However, recent poor economic data from China and Europe has raised concerns over global growth. Currently, global crude prices remain near $60 a barrel, far lower than the October highs of $86 a barrel.
The sharp fall in global oil prices has resulted in a significant decline in petrol and diesel prices in India. Falling oil prices in recent months have eased inflationary pressure in India, a major fuel importer. India’s retail inflation rate dropped to a 17-month low in November.
Petrol prices had a hit a record high of ₹ 84 per litre in Delhi and ₹ 91.34 in Mumbai on October 4. Diesel on the same day had also peaked to an all-time high of ₹ 75.45 a litre in Delhi and ₹ 80.10 in Mumbai. From October 4 highs, petrol prices in India are down about ₹ 13.5 to ₹ 15 a litre. Similarly diesel prices are off about ₹ 11 to ₹ 12 a litre.
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