With crude oil rates rebounding on OPEC-led supply cuts, petrol and diesel prices have shot up by ₹2 and ₹3, respectively, since the beginning of this year. Amid volatile trading in crude oil, the price of petrol was cut by 15 paise and that of diesel by 10 paise today by state-run oil firms. A litre of petrol today costs ₹70.59 in Delhi, ₹76.22 in Mumbai, ₹73.27 in Chennai and ₹72.70 Kolkata.
Diesel, on the other hand, costs ₹65.61 a litre in Delhi, ₹68.70 in Mumbai, ₹69.31 in Chennai and ₹67.39 in Kolkata.
5 things to know about petrol, diesel price trends:
1. On the downturn since mid-October, petrol was selling at ₹68.65 a litre in Delhi on January 1. After about 10 days, it started climbing and has gained ₹1.94 a litre so far. During the same period, diesel is up by ₹2.95 a litre.
2. The price of petrol had touched a record high of ₹84 per litre in Delhi and ₹ 91.34 in Mumbai on October 4. Diesel on that day had peaked at ₹75.45 a litre in Delhi and ₹ 80.10 in Mumbai.
3. Oil prices rose to their highest so far this year on Monday as OPEC-led supply cuts and US sanctions against Venezuela's petroleum industry tightened markets, Reuters reported. International Brent crude oil futures climbed to a 2019 high of $63.37 per barrel after rising by 3% in the previous session.
US West Texas Intermediate (WTI) futures hit a 2019 high of $55.68 per barrel after gaining 2.73% in the last session.
4. During the last seven days, benchmark the price of Brent crude oil has increased by 2.76%. Fitch Solutions said that oil markets overall had a "fundamentally bullish outlook due mainly to the supply cuts led by OPEC as well as increasing oil demand despite the slowdown in economic growth".
5. A weakening rupee has also made crude oil imports costlier for oil marketing companies in India. So far this year, the rupee has declined 2.08%.