Petrol, diesel prices stable on New Year. Check today's rates1 min read . Updated: 01 Jan 2020, 11:20 AM IST
- Petrol, diesel prices have gone up by more than ₹6 and ₹5, respectively, in 2019
- Crude oil rates fell 1% on Tuesday
NEW DELHI : Petrol and diesel prices were left unchanged by state-run fuel retailers today. In 2019, the price of petrol had increased by more than ₹6.3 a litre and that of diesel by ₹5.1 a litre due to a rise in crude oil rates over US-China trade tensions. Yesterday, petrol price was increased for the third consecutive day and that of diesel for the sixth day.
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.
If crude oil forecasts are to be believed, petrol and diesel prices are not likely to decrease or increase sharply this year.
Petrol, diesel prices are revised everyday at 6 am by fuel retailers after taking into account a fortnightly average of crude oil rates in the international market. The exchange rate of rupee against the US dollar is also taken into account as India imports about 80% of its crude oil requirements.
In the international market, Brent crude oil prices gained about 23% in 2019 while that of WTI rose 34% on the back of easing of US-China trade tensions and production cut announcement by OPEC and its allies. 2019 saw the biggest yearly gain in crude oil rates for the last three years.
Brent crude is expected to hover around $63 a barrel, a Reuters poll showed on Tuesday, down modestly from current levels, as OPEC production cuts offset weaker demand.