New Delhi: Even as crude oil rates have fallen by about 2% this week and 30% in the past two months, state-run fuel retailers increased petrol price today by 9-30 paise. This is the first increase in fuel prices in India since almost 2 months. Petrol and diesel rates were last hiked on 16 October. A litre of petrol now costs ₹ 70.29 a litre in New Delhi, ₹ 75.91 in Mumbai, ₹ 70.86 in Bengaluru, ₹ 72.38 in Kolkata and ₹ 72.94 in Chennai.
Diesel prices, which had increased at a greater pace than that of petrol this year, were left unchanged today. A litre of diesel costs ₹ 64.66 a litre in New Delhi, ₹ 67.66 in Mumbai, ₹ 65 in Bengaluru, ₹ 68.26 in Chennai and ₹ 66.40 in Kolkata.
After reaching a peak on October 4, both petrol and diesel prices had been on the decline in India despite small hikes in between. After mid-October, as crude oil prices began to drop in the international market following concerns of an economic slowdown and oversupply, petrol and diesel prices also declined steadily in that period.
Read: Petrol is now cheaper than diesel in these cities
A comparison of crude oil rates and petrol, diesel prices shows that while the former has fallen by as much as 30% since early October, the latter has declined by only 15%.
In the international market, while futures in New York were clawing back today after falling 1% in the previous session, they are still down over 2% this week, Bloomberg reported. Crude’s still in a bear market after reaching a four-year high in October as investors remain worried over supply and demand.
International Brent crude oil futures were trading less than $61 per barrel while US West Texas Intermediate (WTI) crude futures were above $51 per barrel. Oil prices are now buoyed by a drawdown in US crude stockpiles and indications that China is taking concrete steps to put a trade war truce with Washington into action. Crude oil prices have also been supported by OPEC-led supply curbs announced last week, although gains were capped after the producer group lowered its 2019 demand forecast.