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A fuel pump is pictured as it refuels a car (AFP)
A fuel pump is pictured as it refuels a car (AFP)

Petrol, diesel prices today remain unchanged after 5-day hike

  • Analysts say that positive news about covid vaccine trials and expectations that OPEC+ will extend production cuts next week have given a boost to global oil prices

Petrol and diesel prices in India remained unchanged today after oil marketing companies hiked rates over the previous five days. In Delhi, petrol prices today retailed at 81.59 per litre while in Mumbai 88.29, in Chennai 84.64 and in Kolkata 83.15. In previous five days, petrol prices were hiked by a 53 paise per litre cumulatively, following firming trend in global crude prices.

In Delhi, diesel prices today retailed at 71.41 per litre. In Mumbai, Chennai and Kolkata, diesel retailed at 77.90, 76.88 and 74.98 respectively.

Over the past five days, diesel rates were raised by 95 paise in Delhi. The recent hikes are the first revision in petrol prices since September 22. Diesel rates had not changed since October 2.

Public sector oil marketing companies - Indian Oil Corporation, Bharat Petroleum Corporation Ltd and Hindustan Petroleum Corporation Ltd - revise rates of petrol and diesel daily based on benchmark international oil price and foreign exchange rate.

Oil rose for the fourth straight session today as the market shrugged off an industry report showing U.S. crude stockpiles rose more than expected, extending a rally driven by hopes that a COVID-19 vaccine will boost fuel demand.

Brent crude was up 44 cents, or 0.9%, at $48.30 a barrel, having risen almost 4% in the previous session.

Analysts say that positive news about covid vaccine trials and expectations that OPEC+ will extend production cuts next week have given a boost to global oil prices.There are expectations that OPEC+, which groups the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, will continue production cuts into 2021 after a meeting set to start on November 30 following technical talks this week.

Also boosting the sentiment, in the United States, President Donald Trump's administration gave President-elect Joe Biden access to resources enabling him to take over in January. (With Agency Inputs)

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