India Markets closed

Petrol, Diesel Prices Raised For The First Time In Over A Month

Staff

After over a month's gap, fuel prices in India were raised by state-owned oil marketing companies on Friday.

Petrol prices per litre were increased by 10 paise to Rs 72.70 in New Delhi, Rs 78.38 in Mumbai, Rs 75.41 in Kolkata and Rs 75.55 in Chennai.

Diesel prices per litre saw a 9 paise hike to Rs 65.84 in New Delhi, Rs 69.06 in Mumbai, Rs 68.25 in Kolkata and Rs 69.59 in Chennai.

In October, fuel prices in India were either cut or remained stagnant. These rates are revised every day by the oil marketing companies based on international crude oil prices and foreign exchange rates.

Crude oil prices were dampened by the US-China trade spat, despite supply cuts from the OPEC (Organization of the Petroleum Exporting Countries) deal that are aimed to limit supplies until March 2020.

On Thursday, after the Chinese commerce ministry said the two largest economies in the world have agreed in the past two weeks to cancel trade tariffs in different phases, global oil benchmark Brent crude was above $62 a barrel.

Hopes of an end in the long-standing bitter trade spat between the US and China have eased concerns over diminishing global crude consumption, thus pushing oil prices higher.

Also Read:

Petrol Prices Rise For The 4th Straight Day; Diesel Rates Cut

Entry Barriers For Pvt And Foreign Cos In Fuel Marketing Business Eased

What Is The Risk In Not Investing Your Savings?