Petrol and diesel prices have been reduced by 5 paise and 6 paise, respectively, across four major cities of India. Fuel prices have shown a steady decline after a continuous rise for several days last month. In total, petrol has seen Rs 1.01 paise drop in price, while diesel prices have been cut by 0.68 paise since October 2. In a big relief, the petrol prices have come down to below Rs 80 per litre-level in Mumbai, but diesel is still above Rs 70 in Chennai. Fuel prices in Delhi are the cheapest among the four metropolitan cities.
Petrol, diesel prices in four major cities today:
- Delhi: Petrol - Rs 73.54; Diesel - Rs 66.75
- Mumbai: Petrol - Rs 79.15; Diesel - Rs 69.97
- Kolkata: Petrol - Rs 76.23; Diesel - Rs 69.11
- Chennai: Petrol - Rs 76.38; Diesel - Rs 70.51
In the past one month, petrol has seen an uptick of Rs 1.83 paise in Delhi, while diesel has risen by Rs 1.67 paise. The continuous spike in fuel prices in India was propelled by the drone attack on Saudi oil facilities that disabled around 5 per cent of the global supply.
Not only fuel prices in India were impacted as the aftermath, but retailers were also scouring the market for liquefied petroleum gas ahead of the festive season. India depends on Saudi Arabia for a fifth of its oil imports and buys around 2,00,000 tonnes of LPG every month.
Meanwhile, oil futures were mixed on Wednesday as a Turkey-launched offensive in Syria and hopes of progress in ending the US-China trade war supported oil, but a build in US crude inventories held prices back, reported Reuters.
Brent crude LCOc1 settled at $58.32 a barrel, up 8 cents, while US West Texas Intermediate crude CLc1 settled at $52.59 a barrel, down 4 cents. Later, prices fell from settlement levels after Chinese officials said Beijing has lowered expectations for progress at the trade talks this week, the agency added.
Edited by Manoj Sharma