Diesel prices, which had increased at a greater pace than that of petrol this year, were left unchanged today. A litre of diesel costs Rs 64.66 a litre in New Delhi, Rs 67.66 in Mumbai, Rs 65 in Bengaluru, Rs 68.26 in Chennai and Rs 66.40 in Kolkata. Photo: Mint
Diesel prices, which had increased at a greater pace than that of petrol this year, were left unchanged today. A litre of diesel costs Rs 64.66 a litre in New Delhi, Rs 67.66 in Mumbai, Rs 65 in Bengaluru, Rs 68.26 in Chennai and Rs 66.40 in Kolkata. Photo: Mint

Petrol price hiked for first time in 2 months. Check today’s petrol, diesel rates

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.

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.

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