NEW DELHI: Amid continued volatility in the crude oil market, the price of petrol has jumped by about 50 paise per litre while the price of diesel is up by about ₹2 per litre during the last 30 days. State-run fuel retailers today marginally increased the prices of petrol and diesel by 5 paise and 6 paise, respectively.
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.
As crude oil prices fell towards their lowest level in almost two weeks today, fuel price cuts can be expected over the next few days. 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.
A weakening rupee has also contributed to the fuel price hikes. So far this year, the rupee has lost 2% of its value against the US dollar.
In the international market, Brent was trading above $62 a barrel while US West Texas Intermediate (WTI) was close to $52.50 a barrel.
Reuters reported that economic concerns were also weighing on crude oil futures. Vandana Hari of Vanda Insights said in a note that crude prices were dragged down "as China returned from a week-long Lunar New Year holiday and regional stock markets plunged into the red amid resurgent concerns over the U.S.-China trade dispute".
Trade talks between Washington and Beijing resume this week with a delegation of U.S. officials travelling to China for the next round of negotiations. The US has threatened to increase tariffs already imposed on goods from China on March 1 if the trade talks do not produce an agreement.