Petrol, diesel prices remain steady for nearly 2 weeks; check rates in your city

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Prices of petrol and diesel remained stable for nearly two weeks on April 12. Today, a litre of petrol in Delhi would cost you Rs 90.56, while diesel would cost you Rs 80.87. In Mumbai, the price of petrol stood at Rs 96.98 per litre and diesel at Rs 87.96, according to data available on the Indian Oil Corporation’s website.

Petrol price in Chennai and Kolkata stood at Rs 92.58 and Rs 90.77 per litre, respectively, unchanged from the previous levels. While, diesel prices in Kolkata and Chennai were unchanged at Rs 85.88 and Rs 83.75 per litre, respectively.

Fuel prices were last revised on March 30, when petrol became cheaper by 22 paise and diesel by 23 paise.

Here are the Fuel prices in top 10 cities:

According to experts, prices have remained stable as the global demand is still down by 40 per cent from the pre covid levels. The Brent Crude was last seen trading at around $62.95 per barrel while the WTI Crude is trading around $59.81. The outlook still remains week as the coronavirus cases see a spike not only in India but at the global level.

OPEC countries to increase production:

As an effect of worldwide lockdown, OPEC countries had to cut down on production which eventually had a large scale impact on their economy. Now, these countries are trying to increase the production in May and June by 3.5 lakh barrels per day. After this, production will be increased to 4 lakh barrels per day in July. In addition, Saudi Arabia will also increase its level of production to 10 million barrels per day.

Prices change every morning

Revision in petrol and diesel prices comes into effect every day at 6:00 am. The retail price of fuel gets almost doubled after adding excise duty, dealer commission and other levies. Petrol and diesel prices change daily, depending on the crude prices in the international market.