Home >News >India >Petrol, diesel prices likely to rise once again. Check today's rates

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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