Petrol price likely to touch Rs 80 per litre, diesel Rs 68/litre

New Delhi: The price of petrol is seen touching Rs 80 and diesel Rs 68 per litre if global oil prices cross $60 a barrel.

Global oil prices are hovering around $55 per barrel following the production cut agreement reached by Organisation of Petroleum Exporting Countries (OPEC).

OPEC is expected to slash production by 1.2 million barrels per day (mbpd) from January 1. Global oil prices have already surged by 19 percent since then.

Even Non-OPEC producers may agree to an output cut of 0.6 million barrels per day at a meeting on December 10 in Vienna.

"The price of Brent crude could increase to $50-55 per barrel by March 2017 following OPEC's move, and if it surges to $60 as some believe, the price of petrol could touch Rs 80 and diesel Rs. 68 per litre," the CRISIL report said.

CRISIL on its part expects global crude price to remain between $50 per barrel and $55 per barrel for first half of calendar year 2017.

This could mean that the "price of petrol could rise 5-8 per cent and that of diesel by 6-8 percent over the next three to four months. In Mumbai, that would mean petrol price could top Rs 75 per litre compared with Rs 72 now, and diesel more than Rs 64 compared with Rs 60 now," the report said.