NEW DELHI: The prices of petrol and diesel increased for the third consecutive day on Saturday despite the fact that global oil prices fell plunged about 2% on Friday.
In Delhi, the price of one litre of petrol is now Rs 69.26 after an increase of 19 paise over Friday's rates; while diesel is retailing at Rs 63.10 per litre after an increase of 29 paise.
Petrol and diesel prices at Rs 69.26/litre (increase by Rs 0.19) & Rs 63.10/litre (increase by Rs 0.29) respectively in Delhi. Petrol and diesel prices at Rs 74.91/litre (increase by Rs 0.19) & Rs 66.04/litre (increase by Rs 0.31) respectively in Mumbai. pic.twitter.com/ieNTgOae33
— ANI (@ANI) January 12, 2019
In Mumbai, petrol is selling at around Rs 75 a litre while diesel price has crossed the Rs 66 per litre. The price of a litre of petrol in Kolkata is Rs 71.39 whereas diesel rates have been increased to Rs 64.87 per litre.
The highest diesel price was recorded in Hyderabad at Rs 68.57/litre followed by Bhubaneshwar (Rs 67.72/litre) and Trivandrum (Rs 67.58/litre).
In Bengaluru, the price of one litre of diesel is Rs 65.
Fuel prices had touched its peak in India on October 4. It is to be noted that India is the third-largest importer of crude oil in the world. The fuel prices in India started stabilising after global crude oil prices went down aorund 30% due to excess global production. But it is feared that petrol and diesel prices may keep on increasing in the near future as OPEC-led nations have now decided to cut down oil production again.
Saudi Arabia, the largest oil producer in the world, recently announced that it will cut production to the tune of 8,00,000 barrels per day.