Oil-marketing companies increased the prices of petrol, whereas diesel prices were cut across the four metro cities on Saturday. Petrol prices were raised by 5 paise in all four metros. Petrol is priced at Rs. 72.81 per litre in New Delhi, Rs. 74.89 per litre in Kolkata, Rs.78.43 per litre in Mumbai and Rs. 75.62 per litre in Chennai, according to Indian Oil Corporation (IOC). Diesel rates stood at Rs. 66.60 per litre in New Delhi, Rs. 68.39 per litre in Kolkata, Rs. 69.76 per litre in Mumbai and Rs. 70.37 per litre in Chennai. Diesel rates were reduced by 5 paise in Delhi, Mumbai and Kolkata, while it was cut by 6 paise in Chennai.
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.
State-run oil marketing companies Indian Oil, Bharat Petroleum and Hindustan Petroleum revise fuel prices with effect from 6 am on a daily basis.
Globally, oil fell about 2 per cent on Friday, slipping further from 2019 highs as focus shifted to a lack of progress in US-China trade talks and as grim manufacturing data from Germany and the US reignited fears of a slowdown in the global economy and oil demand, reported news agency Reuters.
Brent crude futures settled at $67.30 per barrel, 83 cents, or 1.2 per cent below their last close and down about 0.2 per cent on the week. The contract hit a four-month high of $68.69 on Thursday.
US West Texas Intermediate (WTI) futures fell 94 cents, or 1.6 per cent, to settle at $59.04 per barrel. WTI marked a 2019 peak on Thursday at $60.39 and rose 0.8 per cent on the week.
(With agency inputs)
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