NEW DELHI: After having left the price of petrol and diesel untouched in the last two days, fuel retailers today marginally increased rates by 6 paise and 5 paise, respectively. So far this month, the price of petrol has fallen by 55 paise and that of diesel by 9 paise.
A litre of petrol today costs ₹70.39 in Delhi, ₹76.03 in Mumbai, ₹72.71 in Bengaluru, ₹73.06 in Chennai, ₹71.27 in Gurgaon, ₹70.30 in Noida and ₹72.50 in Kolkata. Diesel, on the other hand, costs ₹65.67 a litre in Delhi, ₹68.76 in Mumbai, ₹67.84 in Bengaluru, ₹69.37 in Chennai, ₹65.44 in Gurgaon, ₹64.89 in Noida and ₹67.45 in Kolkata.
In the international market, oil prices rose today amid hopes that potential progress in the latest US-China tariff talks would improve the global economic outlook. US West Texas Intermediate (WTI) crude futures were trading above $54 per barrel, up 0.5%, from their last settlement, while Brent futures were up 0.6%, at around $64 a barrel, Reuters reported.
Optimism that a trade deal could be reached between the United States and China was boosted when US President Donald Trump said talks were going "very well", a Reuters report said.
The global oil market will struggle this year to absorb fast-growing crude oil supply from outside the Organization of the Petroleum Exporting Countries (OPEC), even with the group's production cuts and US sanctions on Venezuela and Iran, the International Energy Agency said in a report yesterday.
The IEA said it expected global oil demand this year to grow by 1.4 million barrels per day (bpd), while non-OPEC supply will grow by 1.8 million bpd.