Petrol, diesel prices steady for 4th day ahead of OPEC meet. Check today's rates1 min read . Updated: 05 Dec 2019, 09:26 AM IST
- Petrol and diesel rates have not changed from this Monday
- Petrol price is now at its highest this year
NEW DELHI : For the fourth consecutive day today, the price of petrol and diesel remained the same as all eyes are on key meeting of OPEC and its allies which will guide crude oil rates.
In New Delhi, a litre of petrol is now retailing at ₹74.91 and diesel ₹65.78. In Mumbai, a litre of petrol costs ₹80.59 and diesel ₹69. If you are in Bengaluru, you pay ₹77.50 for petrol and ₹68.02 for diesel.
Petrol prices, which have spiked by around ₹2 last month, are now at its highest level in 2019 while diesel prices have more or less remained the same.
In the meantime, a Reuters report said India's demand for diesel is slowing down as petrol-run cars begin to dominate the market, trucks get more efficient and solar pumps displace diesel-fed units across the countryside.
Diesel accounts for about two-fifths of refined fuel demand in India, which has grown by its slowest pace since fiscal year 2014 this year amid tight credit markets, contracting auto sales and slowing rail and air traffic.
The price difference between petrol and diesel has also shrunk significantly over the years.
In the international market, oil prices edged lower in muted trading on Thursday ahead of the start of OPEC meetings later in the day, steadying after the previous session's steep gains on a sharp drop in U.S. crude inventories and expectations of more output cuts.
Brent crude futures dipped 10 cents, or 0.2%, to $62.90 a barrel by 0112 GMT. Brent surged 3.6% on Wednesday. West Texas Intermediate (WTI) crude futures fell 22 cents, or 0.4%, to $58.21 a barrel. They settled up 4.2% on Wednesday.
Prices are now back roughly to the levels of a week ago, before they plunged on a lack of progress on resolving a 17-month-old Sino-U.S. trade war that has hit global growth and demand for oil.