Petrol and diesel prices remained unchanged across four major cities of India on Wednesday. The fuel prices on Tuesday had been seen up to 17 paise drop across Delhi, Kolkata, Mumbai and Chennai. Petrol and diesel prices have shown a steady decline after a continuous rise for several days last month. 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 Mumbai and Chennai. Fuel prices in Delhi are the cheapest among the four metropolitan cities.
Petrol, diesel prices in the four metropolitan cities:
Delhi: Petrol - Rs 73.59; Diesel - Rs 66.81
Mumbai: Petrol - Rs 79.20; Diesel - Rs 70.03
Kolkata: Petrol - Rs 76.23; Diesel - Rs 69.17
Chennai: Petrol - Rs 76.43; Diesel - Rs 70.57
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 (LPG) 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. While the price of petrol and diesel is impacted by the global crude price and the value of rupee, the Saudi Arabia drone attack compounded the increase in prices.
Oil prices slipped for a third consecutive session on Wednesday as the prospect of the United States and China striking a trade deal in talks this week dimmed, raising uncertainties for global economic growth and oil demand, reported Reuters. US industry data showing a bigger-than-expected rise in stockpiles at the world's top oil producer also depressed prices: Brent crude futures fell 27 cents, or 0.5%, to $57.97 a barrel by 0148 GMT, while US West Texas Intermediate crude CLc1 was at $52.38, down 25 cents or 0.5%, reported the agency.
Edited by Manoj Sharma