Active Stocks
Thu Mar 28 2024 13:49:19
  1. Tata Steel share price
  2. 155.60 1.80%
  1. HDFC Bank share price
  2. 1,454.40 0.95%
  1. Power Grid Corporation Of India share price
  2. 277.00 2.20%
  1. ITC share price
  2. 430.30 0.54%
  1. State Bank Of India share price
  2. 754.80 2.83%
Business News/ Companies / Petrol prices hiked for third time in 5 days, diesel rates rise. Check today’s rates
BackBack

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

Petrol prices were today increased by around Rs 20 paise a litre in top cities while diesel turned costlier by around 10 paise a litre.Premium
Petrol prices were today increased by around Rs 20 paise a litre in top cities while diesel turned costlier by around 10 paise a litre.

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.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 17 Dec 2018, 10:55 AM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App

Chat with MintGenie