In Delhi, a litre of petrol is priced at Rs 68.50 today, while diesel comes for Rs 62.24. In Bengaluru, petrol costs Rs 70.74 per litre and diesel Rs 64.28 per litre. In Mumbai, petrol is priced at Rs 74.16 per litre while diesel comes at a cost of Rs 65.12 a litre. Photo: Mint
In Delhi, a litre of petrol is priced at Rs 68.50 today, while diesel comes for Rs 62.24. In Bengaluru, petrol costs Rs 70.74 per litre and diesel Rs 64.28 per litre. In Mumbai, petrol is priced at Rs 74.16 per litre while diesel comes at a cost of Rs 65.12 a litre. Photo: Mint

Petrol, diesel prices rise once again after 20 days. Check today’s rates

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.

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".

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