Petrol and diesel prices increased by 19 paise and 16 paise respectively on Tuesday in major cities across the country even as crude prices recovered after output from the US, Russia and OPEC fell during the third quarter.
In Delhi, petrol was retailing at Rs 74.61 per litre on Tuesday, Mumbai Rs 80.21, Chennai Rs 77.50 and Kolkata Rs 77.23 per litre, according to data available on Indian Oil Corporation (IOC) website. Diesel was selling in Delhi at Rs 67.49 a litre, Mumbai Rs 70.76, Chennai Rs 71.30 and Kolkata Rs 69.85 per litre.
In Madhya Pradesh's Balaghat, petrol is nearing the Rs 85-mark and was selling at Rs 84.60 per litre on Tuesday. Here, diesel rate crossed Rs 75-mark and was retailing at Rs 75.45 a litre, according to IOC website data.
Meanwhile, crude oil prices rebounded on Tuesday on reports that production at the world’s largest oil producers fell during the third quarter, although a resumption in Saudi supply and demand concerns continued to keep a lid on prices, reported Reuters.
December Brent crude futures rose 51 cents, or 0.86 percent to $59.76 a barrel, while US West Texas Intermediate crude for November was up 52 cents, or 0.96 percent, at $54.59 a barrel.
Front-month prices for both contracts posted their largest quarterly falls this year on Monday, hurt by a slowdown in global economic growth amid the US-China trade war.
“Asia has seen some profit-taking from short-term money and other bargain hunters,” Jeffrey Halley, a senior market analyst for Asia Pacific at OANDA in Singapore, said.
“Any rallies though are likely to be met with plenty of sellers as a slowing global economy and the recovery of Saudi production outweigh any Middle East risk factors for now.”
Oil prices are likely to remain steady, with Brent averaging $65.19 a barrel and WTI $57.96 in 2019, as flagging demand outweighs supply shocks, a Reuters survey showed.
Brent has averaged $64.72 a barrel so far this year, while WTI has averaged $58.13.
Saudi Aramco has restored full oil production and capacity to the levels they were at before attacks on its facilities on 14 September, the head of its trading arm said on Monday. Saudi Arabia pumped about 9.78 million barrels per day (bpd) in August.
Still, Organisation of the Petroleum Exporting Countries (OPEC) output fell to the lowest in eight years in September at 28.9 million bpd, down 750,000 bpd from August’s revised figure and the lowest monthly total since 2011, a separate Reuters survey found.
Output at the world’s two largest producers, the United States and Russia, also fell in July and September, respectively.
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Updated Date: Oct 01, 2019 13:30:38 IST