NEW DELHI: Petrol and diesel prices continue to increase in different parts of the country on Thursday with one liter of petrol now selling at Rs. 70.47/litre (increase by Rs 0.14) in Delhi. The price of a liter of diesel in Delhi is now Rs 64.78/litre (increase by Rs. 0.19).
In Mumbai, the prices of one liter of petrol and diesel are Rs. 76.11/litre (increase by Rs. 0.14) & Rs. 67.82/litre (increase by Rs. 0.20) respectively.
On Monday, the prices of petrol and diesel witnessed a marginal rise of 38 paise per liter and 49 paise liter, respectively.
Fuel prices had touched its peak in India on October 4. Notably, India is the third-largest importer of crude oil in the world. The fuel prices in India started stabilizing after global crude oil prices went down around 30% due to excess global production. Speculations are rife that the prices of petrol and diesel 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 its decision to slash the production of fuels to as much as 8,00,000 barrels per day.
Meanwhile, oil prices in the US inched down on Thursday, with U.S. West Texas Intermediate (WTI) crude futures at $52.20 per barrel at 0022 GMT, down 11 cents, or 0.2 percent, from their last settlement. WTI futures closed up 0.4 percent on Wednesday.
International Brent crude oil futures had yet to trade, after closing up 1.1 percent in the previous session.
"While (U.S.) inventories fell slightly more than expected, there was a large build in gasoline inventories. This stoked fears of weak demand in the U.S.," ANZ Bank said in a research note.
(with Agency inputs)