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Petrol, diesel price inching up slowly as crude oil rates surge

  • The price of petrol was up by 15 paise a litre and that of diesel by 16 paise a litre
  • In Punjab, the state government has already cut the price of petrol by 5 and that of diesel by Re 1 a litre by reducing VAT

NEW DELHI : With crude oil rates surging by about 5% in the last 7 days, fuel prices continued to rise today. The price of petrol was up by 15 paise a litre and that of diesel by 16 paise a litre. Petrol today costs 71.15 a litre in Delhi, 76.79 in Mumbai, 73.51 in Bengaluru, 73.87 in Chennai, 71.75 in Gurgaon, 70.89 in Noida and 73.25 in Kolkata.

Diesel, on the other hand, costs 66.33 a litre in Delhi, 69.47 in Mumbai, 68.53 in Bengaluru, 70.09 in Chennai, 65.89 in Gurgaon, 65.46 in Noida and 68.12 in Kolkata.

In Punjab, the state government has already cut the price of petrol by 5 and that of diesel by Re 1 a litre by reducing the value-added tax (VAT) rates on petroleum products. After presenting the state budget on Monday, Punjab Finance Minister Manpreet Singh Badal had said with the reduction, diesel in Punjab will be the cheapest in north India.

In the international market, crude oil prices were hovering close to their 2019 highs today on the back of supply cuts led by OPEC and US sanctions on Venezuela and Iran.

US West Texas Intermediate (WTI) crude oil futures were trading above $57 per barrel while Brent crude futures were close to $67 per barrel. Reuters reported that a global economic slowdown was preventing prices from surging beyond the 2019 highs seen this week.


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