NEW DELHI :
As crude prices gain strength on the back of hopes of US-China trade deal and a possible output cut by OPEC and allies, the retail price of petrol and diesel have touched new record highs in India.
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.
5 things to know about petrol, diesel prices:
1) Petrol and diesel prices, which began rising from last month onwards, are now at its highest levels so far this year.
2) In the last 30 days alone, the price of petrol has gone up by around ₹2 a litre while that of diesel has remained almost the same.
3) The price gap in between the two auto fuels has widened in the last few days because of a change in benchmark rates. Any change in international crude oil rates directly impacts the retail prices in India which imports around 80% of its oil requirements.
4) By increasing the use of bio-fuels and raising domestic crude oil and gas production to reduce imports, the government is trying to meet the target of cutting India's oil import dependence by 10% by 2020.
5) Oil prices rose more than 1% today amid signs of rising manufacturing activity in China pointing to increasing fuel demand. OPEC is also expected to deepen output cuts at its meeting this week. Brent crude futures rose 76 cents, or 1.3%, to $61.25 a barrel by 0415 GMT. West Texas Intermediate (WTI) futures rose 91 cents, or 1.7%, to $56.08 a barrel, having risen by more than $1 earlier. In November, Brent crude futures posted a monthly gain of about 6%, biggest monthly jump since April.