Transportation fuel is on the decline since last 46 days amid reports of Saudi Arabia and Russia deal that agree to cut production. Fuel rates especially petrol has declined in price by Rs 10.90 in Delhi, Rs 10.58 in Mumbai, Rs 10.69 in Kolkata and Rs 11.47 in Chennai.
In the city of joy Kolkata is selling for under Rs. 74 per litre, with a rate cut by 29 paise in comparison to yesterday's rate. In other metros including Delhi, Mumbai and Chennai, one litre of petrol is priced at Rs 71.93, Rs. 77.50 and Rs. 74.63 per litre respectively.
There have been reports that Saudi Arabia and Russia have reached a deal to reduce oil production. Meanwhile in today's trade after the ceasefire between the US and China, there has been again surge in the crude oil price.
As per the Reuters report, U.S. West Texas Intermediate (WTI) crude futures were trading at $53.38 per barrel at 0220 GMT, up $2.45 per barrel, or 4.8 percent from their last close. While international Brent crude oil futures were up $2.38 per barrel, or 4 percent, at $61.84 a barrel.