New Delhi: For the first time in the last 20 days, petrol and diesel prices were increased by 21 paise and 8 paise, respectively, today in New Delhi. The price hike comes on the back of an increase of over 8% in Brent crude oil rates in the last seven days. It was on December 17 that fuel prices were last increased in India. Since then, petrol and diesel prices have either remained the same or slumped.
In Delhi, a litre of petrol is priced at ₹ 68.50 today, while diesel sells for ₹ 62.24. In Bengaluru, petrol costs ₹ 70.74 per litre and diesel ₹ 64.28 per litre. In Mumbai, petrol is priced at ₹ 74.16 per litre while diesel sells at ₹ 65.12 a litre.
In Chennai, petrol and diesel are priced at ₹ 71.07 and ₹ 65.70, respectively. In Kolkata, petrol comes at a cost of ₹ 70.64 a litre and diesel ₹ 64.01 a litre.
Yesterday, the price of petrol was left untouched but the price of diesel had dropped by 10-11 paise. The prices of the two fuels have not been moving in the same proportion in the last few months.
If the last 30 days are taken into account, the price of petrol has fallen by just ₹ 2.5 per litre but in the last three months, the rate is down by more than ₹ 13. During the last three months, diesel is down by more than ₹ 11.
In the international oil market, benchmark Brent crude oil, which was close to $50 a barrel last month, has now crossed the $57 mark. The turnaround is riding on the hopes of a resolution to the trade war between US and China.
Despite the likelihood of a slowdown, crude future prices were being supported by supply cuts started late last year by a group of producers around the Middle East-dominated Organization of the Petroleum Exporting Countries (OPEC) as well as non-OPEC Russia.
However, if market forecasts are to be believed, oil will struggle to come out of a bearish market in 2019. Goldman Sachs said in a note on Monday it had downgraded its average Brent crude oil forecast for 2019 from $70 per barrel to $62.50 a barrel because of “the strongest macro headwinds since 2015."
J.P. Morgan had said last week that “the 3 percent global growth pace we have been anticipating for the next two quarters looks increasingly challenging".