Petrol prices were increased in cities across the country by 9 to 30 paise while diesel prices mostly remained unchanged. In New Delhi, petrol price was revised 9 paise higher to Rs 70.20 a litre and diesel price remained at Rs 67.66 per litre. In Mumbai, petrol was priced 11 paise higher at Rs 75.91/litre and diesel was unchanged at Rs 67.66 a litre.
Petrol price in Chennai was increased by 12 paise to Rs 72.94 a litre while diesel is being sold at Rs 68.26 per litre, same as Wednesday.
In Kolkata, however, both petrol and diesel prices were reduced to Rs 72.38 per litre and Rs 66.40 a litre respectively.
After the OPEC (Organization of Petroleum Exporting Countries) and its allies agreed to cut their output by 1.2 million barrels per day from January 2019, the international crude oil price benchmark Brent has been hovering at $60 a barrel level. A drop in the US oil stockpiles and easing trade tensions between the US and China are also supporting oil prices. As global prices begin to stabilise, ending their two-month decline (where Brent as much as 30 percent), fuel prices in India may begin to rise. If fuel prices start rising again, it will translate to a weaker rupee as India's trade deficit widens.