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Diesel prices fall to lowest this fiscal year;Petrol Price Hiked By 10 Paise

Petrol, diesel prices today: The oil marketing companies (OMCs) on Saturday increased prices of petrol by 5 paise while cutting diesel by 7 paise on account on fall in global crude oil rates. Petrol can today be availed for Rs 70.34 per litre in Delhi and diesel for Rs 64.50. In Mumbai, petrol is selling for Rs 75.96 per litre and diesel 67.50 per litre today.



On Friday, petrol was selling at Rs 70.29 in Delhi, Rs 72.38 in Kolkata, Rs 75.91 in Mumbai and Rs 72.94 in Chennai. Diesel was available for Rs 64.57 in New Delhi, selling at the lowest level in Delhi since the start of this fiscal year. Diesel was selling at Rs 66.33 in Kolkata, Rs 67.58 in Mumbai and Rs 68.18 in Chennai yesterday. Petrol and diesel prices are dependent on international prices of crude and the rupee-US dollar exchange rate as India imports bulk of its oil requirement through imports. 

Since October, global oil prices have tumbled nearly 30% amid concerns over oversupply and worries on global growth. Currently, Brent crude currently trades near $61 a barrel,far lower than October highs of $86. The rupee has also rebounded to around 71.80 a dollar, pulling back from October lows of 74.48.

Crude oil prices -

 Oil prices eased on Friday after rising over 2 percent the day before, but were supported by hopes the market will tighten more quickly than some had expected in the wake of supply cuts from major producers. The output curbs by the Organisation of the Petroleum Exporting Countries and some non-OPEC producers including Russia could help create a supply deficit by the second quarter of next year, Reuters reported citing the International Energy Agency.
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