Petrol, diesel prices cut by up to 16 paise; check out fuel rates across metros
BusinessToday.In October 11, 2019
Petrol and diesel prices have been reduced by 11-13 paise and 15-16 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 a Rs 1.14-paise drop in price, while diesel prices have been cut by 0.84 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:
A continuous spike in fuel price last month was propelled by the drone attack on Saudi oil facilities that disabled around 5 per cent of the global supply. Not only fuel prices but retailers were also scouring the market for liquefied petroleum gas. India depends on Saudi Arabia for a fifth of its oil imports and buys around 2,00,000 tonnes of LPG every month.
Meanwhile, crude oil prices rose on Thursday, buoyed by comments by the head of OPEC that the organisation could take action to balance oil markets and will decide in December on supply for next year, reported Reuters.
Global benchmark Brent crude futures LCOc1 settled up 78 cents or 1.3 per cent at $59.10 a barrel. In post-settlement trade, Brent extended gains to rise $1 on the day to $59.32 a barrel. US West Texas Intermediate (WTI) futures CLc1 were up 96 cents, or 1.8 per cent, at $53.55 a barrel.
Edited by Manoj Sharma