NEW DELHI :
Amid volatility in the crude oil market, state-run fuel retailers today refrained from changing the prices of petrol and diesel. The prices were increased marginally yesterday. Worries surrounding trade talks between the United States and China has left the crude market volatile. Brent was down by about 1% yesterday but regained most of the losses today.
A litre of petrol today costs ₹70.33 in Delhi, ₹75.97 in Mumbai, ₹72.65 in Bengaluru, ₹73 in Chennai, ₹71.26 in Gurgaon, ₹70.25 in Noida and ₹72.44 in Kolkata. Diesel, on the other hand, costs ₹65.62 a litre in Delhi, ₹68.71 in Mumbai, ₹67.78 in Bengaluru, ₹69.32 in Chennai, ₹65.4 in Gurgaon, ₹64.85 in Noida and ₹67.40 in Kolkata.
Since the beginning of this year, the price of petrol has risen by about ₹1.7 a litre and that of diesel about by ₹3 a litre. If the last 30 days are taken into account, the price of petrol has jumped by about 50 paise per litre while the price of diesel is up by about ₹2 per litre.
Oil prices rose today amid OPEC-led supply cuts and U.S. sanctions against Iran and Venezuela, although analysts expect surging U.S. production and concerns over economic growth to keep markets in check, Reuters reported.
US West Texas Intermediate (WTI) crude oil futures were trading close to $53 per barrel from their last close while international Brent crude futures were trading around $62 per barrel.
Analysts said markets are tightening amid voluntary production cuts led by the Organization of the Petroleum Exporting Countries (OPEC) and because of U.S. sanctions on Venezuela and Iran.