Indian Oil Corporation (IOC) which is one of the largest fuel retailer website of the country gave information as per its data that the prices of petrol and diesel are cheapest in Delhi today. Price of petrol and diesel were cut by 6 paise and 12 paise respectively.
As stated on IOC’s website, the prices of petrol and diesel remain unchanged in other metro cities. A litre of petrol was being sold in Kolkata for Rs. 79.51, in Mumbai for Rs. 84.22, and in Chennai for Rs. 79.76. A litre of diesel was being sold in Kolkata for Rs. 70.94, in Mumbai for Rs. 72.56, and in Chennai for Rs.72.19.
According to a report by news agency, in global commodities markets, oil prices buoyed after official data showed that US inventories of gasoline, diesel and heating oil unexpectedly fell last week. Brent crude futures had risen 8 cents, or 0.1 per cent, to $72.98 by 0043 GMT or around 6 am IST. They climbed 1 per cent on Wednesday after initially falling to the lowest in three months following the release of official production and stockpile data, which also showed a surprise, build in US crude inventories. West Texas Intermediate (WTI) climbed 20 cents, or 0.3 per cent, to $68.96. They also gained about 1 per cent yesterday.
Predicting about the future prices of crude oil, analysts said that local petrol and diesel prices are unlikely to cool off by a wide margin anytime soon. In fact, soaring crude oil prices will have an immediate effect on India’s current account deficit, which ratings and Analytics Company CRISIL expects would expand to 2.6 per cent of the GDP or gross domestic product on fiscal 2019 from 1.9 per cent in fiscal 2018 and 0.7 per cent in fiscal 2017.