Fuel prices remain unchanged on rebound in global crude rates; snap 13 straight day decline

Fuel prices remained unchanged on Wednesday across the country following a rebound in international crude rates and fall in rupee snapping rate cuts for 13 straight day.

Petrol prices remained unchanged across metros. In Delhi, it was priced at Rs 71.72 on Wednesday and diesel at Rs 66.39, as per the data available on Indian Oil Corporation website. In Mumbai, petrol is being retailed at Rs 77.29 per litre, Chennai Rs 74.41 and Kolkata Rs 73.75 per litre.

Diesel prices too remained unchanged since Tuesday. In the national capital diesel is being sold Rs 66.39, Mumbai Rs 69.48, Chennai Rs 70.09 and Kolkata Rs 68.12 per litre.

Representational image. Reuters

Representational image. Reuters

Petrol prices dipped by nearly Rs 12 per litre while diesel also became cheaper by a similar amount till 4 December after fuel rates registered a record high in October this year.

Fuel rates have been on the decline since 18 October as a result of falling crude oil prices in the international market due to supply glut and appreciation in the rupee. This has wiped off all of the price hikes on petrol and diesel in the two months beginning 16 August.

Petrol price had touched a record high of Rs 84 per litre in Delhi and Rs 91.34 in Mumbai on 4 October. Diesel price on that day peaked to an all-time high of Rs 75.45 a litre in Delhi and Rs 80.10 in Mumbai.

Fuel prices had started to climb from 16 August. Petrol in Delhi was priced at Rs 77.14 per litre and in Mumbai Rs 84.58 on 15 August. Diesel on that day was priced at Rs 68.72 per litre in Delhi and  Rs 72.96 in Mumbai.

Between 16 August and 4 October, petrol price was hiked by Rs 6.86 per litre and diesel by Rs 6.73.

Meanwhile, oil prices fell on Wednesday, pulled down by swelling US inventories and a plunge in global stock markets as China’s government warned of increasing economic headwinds.

International Brent crude oil futures were at $60.87 per barrel at 0508 GMT, down $1.21, or 2 percent, from their last close.

US West Texas Intermediate (WTI) crude futures were at $52.33 per barrel, down 92 cents, or 1.7 percent.

Reuters technical commodity analyst Wang Tao said WTI could soon test support at $51.75 per barrel, while Brent was threatening to drop below $60 per barrel again soon.

Oil prices were pressured by a weekly report from the American Petroleum Institute (API) that said US crude inventories rose by 5.4 million barrels in the week to 30 November, to 448 million barrels, in a sign that US oil markets are in a growing glut.

Official US government oil production and inventory data is due later on Wednesday.

—With inputs from agencies

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Updated Date: Dec 05, 2018 12:38:38 IST

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