State-run fuel retailers reduced petrol prices by 34 paise and diesel by 37 per litre today. Petrol now costs Rs 72.53 per litre in Delhi, Rs 78.09 in Mumbai, Rs 73.09 in Bengaluru, Rs 75.26 in Chennai and Rs 74.55 in Kolkata.
On the other hand, diesel is priced at Rs 67.35 in Delhi, Rs 70.50 in Mumbai, Rs 67.70 in Bengaluru, Rs 75.26 in Chennai and Rs 74.55 in Kolkata.
Both crude oil and petrol, diesel prices had peaked in October, but fell thereafter and also for the whole of November. In case the Organization of Petroleum Exporting Countries (OPEC) decides to reduce oil production during its meeting on December 6, the price trend will see another round of U-turn.
When crude prices hit at a four-year high in the beginning of October, analysts had predicted rates of around $100. But by the end of November, prices nosedived to around $50 in the futures market, the worst crash since 2015. Read More