New Delhi: In a rare such instance, state-run fuel retailers dropped the price of petrol by 8 paise but chose to increase the price of diesel by 12 paise today. Although the rate gap between the two automobile fuels have narrowed down in the last few months, yet both petrol and diesel prices have usually moved in the same direction. Prices of petrol and diesel vary because of a difference in benchmark rates.
A litre of petrol now costs ₹ 70.33 in Delhi, ₹ 70.23 in Noida, ₹ 71.26 in Gurgaon, ₹ 75.97 in Mumbai, ₹ 72.64 in Bangalore, ₹ 73 in Chennai and ₹ 72.44 in Kolkata. Diesel costs ₹ 64.59 per litre in Delhi, ₹ 63.94 in Noida, ₹ 64.55 in Gurgaon, ₹ 67.62 in Mumbai, ₹ 66.71 in Bangalore, ₹ 68.22 in Chennai and ₹ 66.36 in Kolkata.
Petrol price had increased for the sixth consecutive day today before correcting today. Diesel price, on the other hand, has been on the rise since the last seven days.
In the international market, crude oil prices dipped today on the back of increasing signs of a global economic slowdown, although OPEC-led supply cuts helped support Brent crude above $60 per barrel. International Brent crude oil futures were maintaining their hold of the $60 per barrel mark. US West Texas Intermediate (WTI) crude futures were trading around $52 a barrel.
Oil prices are expected to oscillate close to current levels, according to a large annual survey of energy professionals conducted by Reuters, with Brent prices in 2019 expected to average $65 per barrel.
While prices remain more than 30% below October’s four-year high, they’ve rallied in 2019 on signs of shrinking supplies and indications the global economy can avoid a worst-case scenario.