Petrol prices continued to decrease for the third consecutive day on Tuesday, but the diesel prices remained stable after two days of decline. The petrol prices were cut by 10 paise a litre.
So now, a litre of diesel costs Rs 72.42 in Mumbai, and Rs 69.06 in Delhi, while a litre of petrol is priced at Rs 81.29 in Mumbai, and Rs 75.70 in Delhi. Retail prices of the two automobile fuels are revised daily. Petroleum companies revise petrol and diesel prices on the basis of crude prices in the international market. Hence the prices vary according to the company.
On the international futures market the Intercontinental Exchange (ICE), Brent crude was trading at 64.41 dollars per barrel, up 0.28 per cent from the previous session. At the same time, American Light Crude West Texas Intermediate's February deal was trading up 0.29 per cent at 58.32 dollar barrel on the New York Mercantile exchange.
The first phase of the trade deal between the US and China is going to be signed on January 15. Experts say that due to this agreement many commodity markets will show an enhanced activity, but the price of fuel oil is unlikely to get much support.
(Inputs from Agencies)