Petrol prices rise after 56 days of continuous fall; no change in diesel rates as crude up on easing Sino-US trade tensions

Petrol price rose across metros in the country on Thursday after a continuous fall in rates in the past 56 days. International crude oil prices rose on Thursday as trade tensions between China and the US showed signs of easing. Price of petrol rose 9 paise to 30 paise across metros. Diesel prices remained unchanged across all metros except in Kolkata.

Petrol was being retailed at Rs 70.29 per litre in Delhi, up 9 paise as compared to Rs 70.20 on Wednesday. In Mumbai, petrol prices were up 11 paise per litre at Rs 75.91, in Chennai, prices were up 12 paise at Rs 72.94 while in Kolkata, it dipped by 90 paise per litre to Rs 72.38, according to Indian Oil Corporation's website.

Diesel prices remained stable and unchanged at Rs 67.66  in Delhi, Rs 67.66 in Mumbai, Rs 68.26 in Chennai, while it declined by a rupee at Rs 66.40 per litre in Kolkata.

Representative image. Reuters

Representative image. Reuters

Meanwhile, oil prices rose on Thursday, buoyed by a drawdown in US crude stockpiles and indications that China is taking concrete steps to put a trade war truce with Washington into action.

Crude oil prices have also been supported by OPEC-led supply curbs announced last week, although gains were capped after the producer group lowered its 2019 demand forecast.

International Brent crude oil futures were at $60.47 per barrel, up 32 cents, or 0.5 percent, from their last close.

US West Texas Intermediate (WTI) crude futures were at $51.35 per barrel, up 20 cents or 0.4 percent.

In a sign that China is willing to lessen trade tensions with the United States, the country made its first major US soybean purchases in more than six months on Wednesday, helping investors breathe a sigh of relief across broader stock markets, and pushing oil prices up.

A drop in US crude stocks also boosted oil, which has been riding higher on expectations that the OPEC-led planned output cuts would re-balance the market in 2019, analysts said.

On Wednesday, crude oil ended lower after reports that Iran’s oil minister said divisions exist within the OPEC, leading futures to give up earlier gains on OPEC-led production curbs and export cuts from Libya.

 

 

Firstpost is now on WhatsApp. For the latest analysis, commentary and news updates, sign up for our WhatsApp services. Just go to Firstpost.com/Whatsapp and hit the Subscribe button.

Updated Date: Dec 13, 2018 14:42:34 IST

Also See