New Delhi: Mirroring the recent upswing in the international crude oil market, petrol and diesel prices continued to rise for the sixth straight day today. As oil gained more than 1% today after dropping by 2% yesterday in volatile trading, state-run fuel retailers raised the price of petrol by 28 paise and the price of diesel by 29 paise. Fuel prices are now on a three-week high in India.
A litre of petrol costs ₹ 70.41 in Delhi, ₹ 72.73 in Bangalore, ₹ 76.05 in Mumbai, ₹ 73.08 in Chennai and ₹ 72.52 in Kolkata. Diesel, on the other hand, is priced at ₹ 64.47 a litre in Delhi, ₹ 66.59 in Bangalore, ₹ 67.49 in Mumbai, ₹ 68.09 in Chennai and ₹ 66.24 in Kolkata.
On the rise since January 7, fuel prices have gone up by ₹ 1.84 a litre for petrol and by ₹ 2.02 for diesel. Prior to that, rates had cooled to a year’s low of ₹ 68.29 for petrol and ₹ 62.16 in case of diesel. This followed a decline in rates on almost all days since October 18, 2018.
If the last three months are taken into account then the price of petrol has fallen by about ₹ 12 or about 15%. International benchmark Brent crude oil, which is now trading close to the $60 per barrel mark, has lost about 25% of its value during the corresponding period.
Oil prices had fallen more than 2% yesterday, taking a pause after a recent rally, pressured by data showing weakening imports and exports in China that raised new worries about a global economic slowdown hurting demand for crude oil. Since late December when it sank to a one-and-a-half year low, crude oil prices have gained more than 18%.