Oil-marketing companies increased the prices of petrol, whereas diesel prices were slashed across the four metro cities on Monday. Petrol prices were raised by 7 paise in all four metros. Petrol is priced at Rs. 72.78 per litre in New Delhi, Rs. 74.86 per litre in Kolkata, Rs.78.40 per litre in Mumbai and Rs. 75.59 per litre in Chennai, according to Indian Oil Corporation (IOC). Diesel rates stood at Rs. 66.91 per litre in New Delhi, Rs. 68.70 per litre in Kolkata, Rs. 70.09 per litre in Mumbai and Rs. 70.71 per litre in Chennai. Diesel rates were reduced by 16 paise in Delhi, Mumbai and Chennai, while it was cut by 15 paise in Kolkata.
Petrol and diesel rates are decided on a daily basis by oil-marketing companies on the basis of the rupee-dollar rate and global crude oil prices.
(Diesel rates were reduced by 16 paise in Delhi, Mumbai and Chennai)
State-run oil marketing companies Indian Oil, Bharat Petroleum and Hindustan Petroleum revise fuel prices with effect from 6 am on a daily basis.
Meanwhile, the rupee appreciated against the dollar on Monday to rise above the 69-mark for the first time in more than seven months.
Globally, oil prices were mixed on Monday, weighed by concerns that an economic downturn may dent fuel consumption, but supported by supply cuts led by producer group OPEC and US sanctions against Iran and Venezuela, reported news agency Reuters.
Brent crude oil futures were at $67.24 per barrel in intraday trade, up 8 cents from their last close, and not far off the $68.14 per barrel 2019-high reached last week.
US West Texas Intermediate (WTI) futures were at $58.43 per barrel, down 9 cents from their last settlement, but also still close to last week’s 2019-high of $58.95. NDTV