Petrol, diesel prices likely to rise once again. Check today's rates1 min read . Updated: 20 Feb 2020, 09:45 AM IST
- Petrol prices have touched a new 5-month low
- Petrol and diesel rates could rise this week as crude oil prices spike
NEW DELHI : With crude oil rates hitting a three-week high today, petrol and diesel prices are set for a hike anytime soon. State-run fuel retailers chose not to tamper with the rates for the second consecutive day today which are already at its lowest in around five months.
In New Delhi, a litre of petrol is being sold for ₹71.89, diesel ₹64.65. In Mumbai, petrol costs ₹ ₹77.56 a litre and diesel ₹64.65. Those in Bengaluru will have to pay ₹74.34 for a litre of petrol and ₹66.84 for diesel. In Chennai, a litre of petrol costs ₹74.68 and diesel ₹68.27.
Earlier this month, petrol prices were left unchanged for six consecutive days. Petrol rates are now mirroring mid-September levels.
In the meantime, India is gearing up to switch to ultra-low sulphur BS-VI (equivalent to Euro-VI grade) petrol and diesel from April 1. Almost all refineries of Indian Oil Corp (IOC) began producing the world's cleanest petrol and diesel by the end of 2019. Cleaner fuel will cut air pollution levels. Cities like Delhi, parts of Uttar Pradesh, Rajasthan and Haryana have already migrated to BS-VI grade fuels.
In the international market, crude oil prices saw two big consecutive gains. Yesterday, Brent crude oil rates jumped by more than 2% while it rose nearly 1% today. Oil traders are worried not just about declining demand after the outbreak of coronavirus in China but also about tightening supplies. Brent crude futures rose 45 cents, or 0.8%, to $59.57 a barrel by 0208 GMT. The international benchmark rose 2.4% on Wednesday.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies are likely to deepen ongoing supply cuts. All eyes are now on the next meeting of OPEC+ in Vienna on March 6.
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