New Delhi: Petrol prices were reduced by 19-20 paise across the country on Saturday. Diesel prices, on the other hand, were cut by 19-22 paise. Petrol now costs 70.27 per litre in Delhi, 75.89 in Mumbai, 73.11 in Chennai and 72.36 in Kolkata. A litre of diesel, on the other hand, costs 64.19 in Delhi, 67.17 in Mumbai, 68.10 in Chennai and 65.95 in Kolkata.

Globally, brent crude prices fell 32 cents a barrel to $54.03 on Friday after earlier touching $52.79 a barrel, its weakest since September 2017. US light crude oil was down 4 cents at $45.84 a barrel, after earlier touching a session low of $45.13 a barrel.

Oil capped its biggest weekly decline since 2016 on concerns that weakening economic growth and surging US supply will lead to a surplus next year, overwhelming OPEC’s efforts to stabilize the market.

Petrol and diesel prices depend on international prices of crude and the rupee-US dollar exchange rate since India imports almost 80% of its oil requirement. India’s monthly crude oil imports in November marked their biggest year-on-year decline in nearly four years, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed on Thursday.

November crude imports fell 11.4% to 17.01 million tonnes, registering their largest year-on-year percentage fall since February 2015, when it tumbled 21.3%, according to the data.

Since October, global oil prices have tumbled nearly 30% amid concerns over oversupply and worries on global growth. Concerned by mounting oversupply, the Organization of the Petroleum Exporting Countries (OPEC) and other oil producers, including Russia, agreed last week to reduce output by 1.2 million barrels per day, or more than 1% of global demand.

With Reuters inputs

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