New Delhi: With the rupee dropping 2% this year against the US dollar and crude oil rates surging above $60 per barrel, petrol and diesel prices have shot up by about ₹ 2 so far this year. Oil retailers increased the price of petrol by 14 paise and that of diesel by 19 paise today. A litre of petrol now costs ₹ 70.47 a litre in Delhi, ₹ 70.34 in Noida, ₹ 71.37 in Gurgaon, ₹ 76.11 in Mumbai, ₹ 72.79 in Bangalore and ₹ 73.15 in Chennai.
Diesel costs ₹ 64.78 a litre in Delhi, ₹ 64.10 in Noida, ₹ 67.71 in Gurgaon, ₹ 67.82 in Mumbai, ₹ 66.91 in Bangalore and ₹ 68.42 in Chennai.
All you need to know about petrol, diesel prices in India:
1. Since January 1, the price of petrol has risen by ₹ 1.82 and that of diesel by ₹ 2.12. The price rise began on January 7. If the last three months are taken into account, prices of petrol and diesel have slumped by about 15% while Brent is down by about 25%.
2. Petrol price had touched a record high of ₹ 84 per litre in Delhi and ₹ 91.34 in Mumbai on October 4. Diesel on that day had peaked to ₹ 75.45 a litre in Delhi and ₹ 80.10 in Mumbai.
3. In the international market, crude oil closed higher for the second straight day yesterday as Russia and Saudi Arabia signalled they were on track with production cuts designed to avoid a global glut. Crude oil has returned to bull-market territory after shedding almost 40% during the last three months of 2018. The momentum has been spurred by improving trade relations between the US and China, as well as the start of output curbs by Saudi Arabia and other major producers. Crude oil prices, however, remain more than 30% below their early October level.
4. According to Moody’s Investors Service, oil and natural gas prices will be volatile but range-bound in 2019, with the medium-term price band for West Texas Intermediate crude in the $50-70 a barrel range.
5. More than the price of crude oil, it is the falling rupee that could be driving petrol and diesel prices up by making imports costlier. In the last four days, the rupee has slid 1.16%. So far this year, the rupee has declined 2.06%.