Fuel prices across the Indian cities were largely unchanged on Monday even as international oil prices rose to their highest level since November 2018. The rates have been only marginally changed so far in the month of April with petrol prices in New Delhi and Mumbai only reduced by 1 and 6 paise respectively since 31 March and diesel prices lowered by 3 and 8 paise each.
Petrol prices per litre in the metro cities were stagnant at Rs 72.85 in New Delhi, Rs 74.87 in Kolkata, Rs 78.42 in Mumbai and Rs 75.61 in Chennai.
Diesel prices per litre in the metro cities were stagnant at Rs 66.11 in New Delhi, Rs 69.19 in Mumbai and Rs 69.80 in Chennai. In Kolkata, the rate was increased by 11 paise to Rs 67.96 a litre.
International crude oil benchmarks gained on Monday as US released strong job data amid ongoing supply cut from OPEC and sanctions on Venezuela and Iran. While Brent futures were trading 0.5 percent higher at $70.72 per barrel and US West Texas Intermediate (WTI) rose 0.6 percent to $63.45 a barrel.
The two benchmarks were at their highest levels since November 2018 on Monday as amid the supply cut of 1.2 million barrels per day from OPEC (Organization of the Petroleum Exporting Countries) and its allies, positive US jobs data and optimism around US-China trade talks have improved the demand outlook for oil.
Additionally, the prices rose from US sanctions against OPEC-members Iran and Venezuela, which are expected to affect global oil supply further.