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Petrol Prices Remains Firm, Diesel Rates Inches up in India

Archana L

The prices of petrol across all the major cities in India remained firm despite crude gains in the global markets. The diesel prices in India rose up slightly following global cues and their prices usually differ from one city to another based on the taxes imposed by the state and local governments as well as charges incurred due to logistics.

The retail prices of fuel - both petrol and diesel are revised every day morning at 6:00 am and is based on international crude prices and exchange prices. The ongoing election season in India has kept the fuel prices more or less the same across the country.

Petrol

The prices of petrol in India across various cities remained flat and was seen trading at Rs 73.00 per litre in New Delhi, Rs 75.02 per litre in Kolkata, Rs 78.57 per litre in Mumbai and at Rs 75.78 per litre in Chennai.

Diesel

The diesel prices in India has marched up slightly following global trends and accordingly, it stood at Rs 66.39 per litre in New Delhi, Rs 68.13 per litre in Kolkata, Rs 69.49 per litre in Mumbai and at Rs 70.11 per litre in Chennai.

Global Benchmarks

In the international scenario, crude prices gained amidst dip in the inventory of oil from Saudi Arabia for the first time in the last four weeks. Saudi's oil exports have declined by 277,000 barrels per day (bpd) which is under 7 million bpd. The fall in U.S. oil inventories also supported rising prices.

In the global markets, crude benchmark - Brent was seen trading at .97 per barrel, up by 0.49% and West Texas Intermediate stood at .07 per barrel during today's trade session.

Data related to strong retail sales has helped the dollar to weigh on crude futures. A strong dollar makes oil more expensive for non-holders of U.S. currencies.

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