Petrol Prices Rise For Second Day In A Row; Diesel Stable
Fuel rates are determined by global prices of crude oil and the rupee-dollar foreign exchange rates.
Price of petrol was raised by 5 paise in Delhi, Mumbai and Kolkata while in Chennai the price of of petrol was increased by 6 paise by the state-run oil refiner Indian Oil on Saturday. At the same time, diesel prices were kept unchanged across the four metro cities. With effect from 6 am on Saturday, the price of petrol was Rs 74.86 per litre in Delhi, Rs 80.51 per litre in Mumbai and Rs 77.83 in Chennai, according to notifications from Indian Oil Corporation. The price of petrol had stood Rs 74.81 per litre in Delhi and Rs 80.46 per litre in Mumbai.
Currently, petrol and diesel prices are revised on a daily basis by the state-run oil refiner such as Indian Oil and any revision in the prices is implemented by 6 am at the fuel stations.
Here are the latest prices of petrol and diesel in the four metros with effect from 6 am on November 30:
|City||Petrol Price||Diesel Price|
Source: Indian Oil
The domestic fuel rates are determined by global prices of crude oil and the rupee-dollar foreign exchange rates.
Oil prices fell on Friday, with US crude dropping more than 4 per cent, on fresh trade tensions and record high US crude production, but they still ended the month higher as OPEC watchers expect an extension next week to a pact to throttle oil output beyond March.
Brent crude futures settled down $1.44 at $62.43 a barrel, and was down 1.5 per cent for the week. Still, the contract posted its biggest monthly gain since April with a rise of about 6 per cent.
West Texas Intermediate (WTI) futures settled down $2.94 at $55.17, falling of 4.1 per cent on the week, after three consecutive increases. On a monthly basis, WTI is poised for a jump of about 2.3 per cent, its highest since June.
The rupee settled 12 paise lower at 71.74 against the US dollar on Friday, tracking heavy selling in domestic equities and growth concerns ahead of the release of GDP data.
Forex traders said month-end dollar demand from importers and uncertainty over the US-China trade talks also weighed on the domestic currency.