National

Fuel prices hiked after two-day gap

NEW DELHI, JAN 10 (AGENCIES) | Publish Date: 1/10/2019 10:13:07 AM IST

Petrol and diesel prices were revised upwards on Thursday after remaining stagnant for two consecutive days.

The fresh rise in fuel prices comes after a spike in global crude oil rates. While petrol price was hiked by approximately 38 paise, diesel rates were increased by 29 paise.

A litre of petrol will now cost Rs 68.88 in Delhi, Rs 74.53 in Mumbai, Rs 71.14 in Bengaluru, Rs 71.47 in Chennai and Rs 71.01 in Kolkata. Meanwhile, a litre of diesel will now be available at Rs 62.53 in Delhi, Rs 65.43 in Mumbai, Rs 64.58 in Bengaluru, Rs 66.01 in Chennai and Rs 64.30 in Kolkata.

The fresh increase comes after crude oil rates spiked almost 12 per cent in the last seven days. On January 9, international crude oil prices continued its upward climb, rebounding sharply on decisions related to OPEC production cuts and US-China trade talks.

Saudi Arabia’s assurance to cut oil production to the tune of 800 barrels per day, however, was the single-largest factor which has led to the rebound.

Benchmark Brent crude oil is now touched the 60$-mark and Arab Petroleum Investments Corporation (APICORP) suggests that it could hover between $60 and $70 by mid-2019. Meanwhile, Morgan Stanley expects Brent crude oil to average at $61 throughout the year, down from its previous estimate of $69 a barrel.

While oil lost one per cent market gain on Thursday, owing to swelling US supply, the mood remains upbeat. 

 

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