New Delhi: The prices of both petrol and diesel were today raised by oil marketing companies. Petrol prices were up 19-20 paise in top metro cities. In Delhi, petrol today retailed at Rs 70.53 a litre – the third hike in five days. In Kolkata, petrol today retailed at Rs 72.62 a litre, in Mumbai Rs 76.15, in Chennai Rs 73.19 and in Bengaluru Rs 71.1 . Similarly, diesel prices today went up by 9-10 paise in top cities. In Delhi, diesel today retailed at Rs 64.47 a litre, in Kolkata Rs 66.23, in Mumbai Rs 67.47, in Chennai Rs 68.07 and in Bengaluru Rs 64.82.
In India, the price of petrol and diesel that motorists pay for at the pump depends on the global crude rates, rupee-dollar exchange rate and centre and state-level taxes. Global oil prices have oscillated in a range in recent days as investors weigh the recent supply cuts announced by the OPEC and concerns over global demand. OPEC and other big oil producers including Russia earlier this month said that they agreed to cut production by 1.2 million barrels per day (bpd).However, recent poor economic data from China and Europe has raised concerns over global growth. Currently, global crude prices remain near $60 a barrel, far lower than the October highs of $86 a barrel.
The sharp fall in global oil prices has resulted in a significant decline in petrol and diesel prices in India. Falling oil prices in recent months have eased inflationary pressure in India, a major fuel importer. India’s retail inflation rate dropped to a 17-month low in November.
Petrol prices had a hit a record high of Rs 84 per litre in Delhi and Rs 91.34 in Mumbai on October 4. Diesel on the same day had also peaked to an all-time high of Rs 75.45 a litre in Delhi and Rs 80.10 in Mumbai. From October 4 highs, petrol prices in India are down about Rs 13.5 to Rs 15 a litre. Similarly diesel prices are off about Rs 11 to Rs 12 a litre.