Petrol price cut today after a month, diesel rates stable. 5 things to know1 min read . Updated: 06 Dec 2019, 09:24 AM IST
- Petrol price is up by ₹2 a litre in a month
- Diesel rates have remained almost the same since November
NEW DELHI : After being stable for four consecutive days, the price of petrol was decreased for the first time in a month today. State-run fuel retailers dropped the price by 5 paise a litre while diesel rate was left untouched once again. In New Delhi, a litre of petrol is selling at ₹74.86 while diesel was at ₹65.78. In Mumbai, petrol is priced at ₹80.51, diesel ₹69. In Bengaluru, petrol is retailing at ₹77.42 and diesel ₹68.02.
5 things to know about petrol, diesel prices:
1) The price of petrol has gone up by around ₹2 a litre in the last 30 days. It is for the first time in a month's time that the rates were decreased today.
2) Due to a stagnancy in international benchmark rates of diesel, state-run fuel retailers have let the price of diesel remain or less the same since November.
3) Oil marketing companies take into account international prices and the exchange rate of US-dollar while fixing retail prices. In the year so far, the rupee has weakened 2.13%. At 9.10 am, the home currency was trading at 71.33 a dollar, down 0.05% from Thursday's close of 71.29.
4) Oil slipped in early Asian trade today, with US crude moving further away from a two-month high after OPEC agreed to increase output curbs in early 2020 but failed to promise further steps after March. Brent futures were down 21 cents, or 0.3%, at $63.18 by 0258 GMT. West Texas Intermediate oil futures fell 14 cents, or 0.2%, to $58.29 a barrel. They hit $59.12 a barrel on Thursday, the highest since the end of September.
5) Oil producers led by Saudi Arabia and Russia agreed today to cut output by an extra 500,000 barrels a day in the first quarter of 2020 but stopped short of pledging action beyond March.