Petrol prices fall for fifth straight day in top cities1 min read . Updated: 05 Nov 2019, 06:43 PM IST
- Petrol prices saw a minor reduction today
- Diesel prices remained unchanged
Petrol prices continued a downward trend for the fifth consecutive day on Tuesday, while diesel prices remained unchanged after a slight dip on Monday.
Delhi, Kolkata, Mumbai and Chennai saw a reduction of 5 paise/litre in petrol prices.
According to the Indian Oil website, in Delhi, Kolkata, Mumbai and Chennai, the petrol rates were ₹72.60/litre, ₹75.32/litre, ₹78.28/litre and ₹74.45/litre respectively.
The diesel rates in these metropolitan cities were ₹65.75/litre, ₹68.16/litre, ₹68.96/litre and ₹69.50/litre respectively.
Meanwhile, crude oil prices rose today on hopes for a U.S.-China trade agreement and optimism that Washington could roll back some of the tariffs it has imposed on Chinese imports.
Brent crude was up 61 cents, or 1%, at $62.74 a barrel.
China is pushing U.S. President Donald Trump to remove more tariffs imposed in September as part of a so-called Phase 1 deal, which would help to ease the broad economic damage inflicted by the trade dispute between the world's two biggest oil consumers.
Investors are also awaiting U.S. inventory data due later today.
OPEC, Russia and other producers, a group known as OPEC+, have implemented a deal to cut oil output by 1.2 million barrels per day from the start of this year.
Iranian Oil Minister Bijan Zanganeh on Monday said he expects further production cuts to be agreed at the next meeting of the group in December.