Oil prices inched higher on Tuesday, though gains were checked amid an escalation in the trade war between the United States and China.
Fuel prices slipped for the sixth straight session across major cities, with petrol declining nearly 25-26 paise while diesel dropped 12-13 paise on Tuesday.
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Petrol price in Mumbai stood at Rs 76.79 a litre while diesel was at Rs 69 per litre, at par with levels seen at the end of March.
According to the Indian Oil Corporation data, in New Delhi, petrol costs Rs 71.18 per litre and diesel Rs 65.86 per litre. In Kolkata and Chennai, petrol stood at Rs 73.25 per litre and Rs 73.88 per litre while diesel was at Rs 67.61 per litre and Rs 69.61 a litre, respectively.
Domestic fuel prices have largely been on the rise in the first three months of 2019. In Delhi, petrol prices have gained over Rs 4 per litre since January 1.
As per the country's dynamic pricing mechanism, the domestic fuel prices depend upon international fuel prices on a 15-day average and the value of the rupee.
Oil prices inched higher on Tuesday, though gains were checked amid an escalation in the trade war between the United States and China. Brent crude futures were at $70.27 a barrel at 0104 GMT, up 6 cents, or 0.1 percent, from their last close. Brent ended the previous session little changed
India's oil consumption grew from 184.7 million tonnes in 2015-16 to 194.6 million tonnes in the following year and 206.2 million tonnes in the year thereafter. In 2018-19, demand grew by 2.6 percent to 211.6 million tonnes.
(With inputs from agencies)