New Delhi: Petrol prices were raised by 5 paise across the country on Saturday. Diesel prices, on the other hand, were slashed by 7 paise in Delhi and Kolkata, and by 8 paise in Mumbai and Chennai. Petrol now costs 70.34 per litre in Delhi, 75.96 in Mumbai, 72.99 in Chennai and 72.43 in Kolkata.

A litre of diesel, on the other hand, costs 64.50 in Delhi, 67.50 in Mumbai, 68.10 in Chennai and 66.26 in Kolkata. On Friday, diesel retailed at 64.57 in New Delhi, the lowest in the national capital since the start of the current fiscal (2018-19).

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.

Oil prices dropped about 2% on Friday, weighed down by falling US stock markets, while weak economic data from China pointed to lower fuel demand in the world’s biggest oil importer. Brent crude futures fell $1.17 to settle at $60.28 a barrel, a 1.90% loss against the previous day. US West Texas Intermediate (WTI) crude futures lost $1.38 to settle at $51.20 a barrel, a 2.62% loss. Global benchmark Brent posted a weekly loss of almost 2.3%, while WTI declined nearly 2.7%.

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.

Also read: Opec-allies’ output cut may not amount to big shift in oil prices

With agency inputs

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