Petrol prices crosses Rs 69 in Delhi, diesel price hiked by 28 paise. Check latest rates

Petrol and diesel prices were on Friday (January 11) revised upwards by major Indian oil PSUs as global crude oil rates continued to stabilise after OPEC-led production cuts were announced in December 2018.

While there has been a slight dip in global crude prices today due to uncertainties over China-US talks, petrol price in India was increased by 19 paise per litre; diesel rates have also gone up by 28 paise per litre.

With the fresh increase, a litre of petrol in Delhi will cost Rs 69.07 while diesel price has gone up by 28 paise and currently retailing at Rs 62.81 per litre.

In Mumbai, the price of petrol has gone up by 19 paise to retail at Rs 74.72 paise in comparison to Thursday’s price of Rs 74.53 per litre.

Diesel price in the financial capital has also gone up by 30 paise to Rs 65.73 per litre. In Noida, individuals have to pay Rs 69.24 for a litre of petrol while diesel price was hiked by 24 paise to Rs 62.42 per litre.

Price of petrol in most cities have crossed the Rs 70 per litre mark with the fresh upward revision of prices. Diesel prices are also gradually rising with the highest rate in Hyderabad at Rs 68.28 per litre. Chandigarh, on the other hand, is paying the lowest for a litre of diesel at Rs 59.82 per litre.

Brent Crude prices also edged higher on Thursday amid tightening oil production norms and may increase further according to experts who commented on the development.

Meanwhile, US crude has also ticked higher but there unclear trade talks between China and US has led to a slight fall in prices.

Increase in global crude oil prices is bad news for India which imports over 80 per cent of its crude requirements.

Oil prices in India had reached peak levels in the beginning of October 2018 but soon stabilised after OPEC nations agreed upon squeezing productions. Saudi Arabia has promised to reduce production to the tune of 800 barrels per day.