The price of Petrol increased by 5-6 paise while Diesel saw an increase in price by 10-11 paise.
The oil marketing companies have increased petrol and diesel prices in Delhi, Mumbai, Chennai and Kolkata on Thursday. The price of petrol increased by 5-6 paise while diesel saw an increase in price by 10-11 paise. The latest hike in fuel prices takes petrol prices in Delhi to Rs 74.68, 5 paise more than the price of Wednesday. Diesel price jumped to Rs 67.09 per litre from 66.99 a litre on the previous day as per data from Indian Oil Corporation website. Delhi provides the cheapest fuels among all the metro cities. The most economical metro city for fuel consumption is due to the lower taxes on Petrol and Diesel.
People in Mumbai have to spend Rs 80.34 per litre of petrol post a 5 paise hike on the Christmas day whereas a litre of Diesel cost the commuters Rs 70.39, 11 paise more than what they were paying on Christmas. Chennai too saw a hike of 6 paise and 11 paise for a litre of petrol and Diesel respectively. Petrol costs Rs 77.64 a litre whereas for Diesel one would have to spend Rs 70.93.
Oil prices in the international market rose on Thursday, buoyed by a potential truce in the Sino-US trade war and efforts by OPEC to constrain supply, although trading was quiet as many markets were in holiday mode. Brent crude gained 0.2% and was trading at $67.36 a barrel. West Texas Intermediate was by 0.3%, at $61.31 a barrel.
Price of crude oil in the international market is likely to be stable on the back of optimism building up on phase 1 deal between US and China. The much-awaited thaw between the economic heavyweights likely to stabilise the international market and subsequently take crude oil’s price down or reduce volatility.
This system of revision of rates of fuels started in June 2017 by oil companies to adapt rapidly to global landscapes in fuel markets. The revision of rates used to take place fortnightly. The revised rates were made public on 1st and 16th of every month.