NEW DELHI :
As a result of spike in crude oil rates, petrol prices went up by more ₹6.3 a litre in 2019 and diesel by ₹5.1 a litre. State-run fuel retailers increased the price of petrol by 10 paise a litre and that of diesel by 18 paise a litre today. In New Delhi, a litre of petrol today costs ₹75.14 and diesel ₹67.96. In Mumbai, a litre of petrol costs ₹80.79 a litre and diesel ₹71.31 a litre.
If you are in Bengaluru, you pay ₹77.71 for petrol and ₹70.28 for diesel. In Chennai, petrol costs ₹78.12 for petrol and ₹71.86 for diesel. Those in Hyderabad will have to pay ₹79.96 for petrol and ₹74.16 for diesel. In Gurgaon, you pay ₹74.60 for petrol and ₹66.99 for diesel.
Petrol and diesel prices are revised daily on the basis of changes in their benchmark international fuel prices and rupee-dollar exchange rate.
Brent crude futures for March delivery, the new front month contract, were trading at $66.66 a barrel. Brent for February delivery closed at $68.44 . US West Texas Intermediate (WTI) crude for February was down 3 cents at $61.65.
Brent crude oil rates have increased about 24% in 2019 while WTI has risen by around 36% this year. Both benchmarks are set for their biggest yearly gain in three years, followed by easing of trade tensions between US and China and production cuts announced by the Organization of Petroleum Exporting Countries (OPEC) and its allies.
The trade war between the world's two largest economies has hurt market sentiment around the world. "US-China trade optimism continues to spur demand for risky assets such as oil, other industrial commodities, equities," Jim Ritterbusch, president of trading advisory firm Ritterbusch and Associates, said in a note.
Brokers and analysts expect growing U.S. supplies to offset cuts from OPEC in 2020 amid sluggish worldwide demand, weighing on oil prices.