Commodities

Petrol, diesel prices rise as voting concludes in Lok Sabha elections; check the rates here

Updated : May 20, 2019 07:46 AM IST

Petrol costs Rs 71.12 per litre and diesel Rs 66.11 a litre in New Delhi.

In Kolkata and Chennai, the petrol price stood at Rs 73.19 per litre and Rs 73.82 per litre while diesel was at Rs 67.86 per litre and Rs 69.88 a litre, respectively.

Oil prices jumped as much as 1 percent on Monday after Saudi energy minister Khalid al-Falih indicated there was a consensus among Opec and allied oil producers to continue limiting supplies.

Petrol prices rose about 8-10 paise, while diesel rose 15-16 paise across major cities on Monday. Petrol price in Mumbai stood at Rs 76.73 a litre while diesel was at Rs 69.27 per litre, at par with the levels seen at the end of March.

According to the Indian Oil Corporation data, petrol costs Rs 71.12 per litre and diesel Rs 66.11 a litre in New Delhi. In Kolkata and Chennai, the petrol price stood at Rs 73.19 per litre and Rs 73.82 per litre while diesel was at Rs 67.86 per litre and Rs 69.88 a litre, respectively.

Domestic fuel prices had 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 jumped as much as 1 percent on Monday after Saudi energy minister Khalid al-Falih indicated there was a consensus among Opec and allied oil producers to continue limiting supplies. Brent crude futures were at $72.98 a barrel at 0009 GMT, up 77 cents, or 1.1 percent, from their last close. Brent closed down 0.6 percent on Friday.

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.

A News18-Ipsos exit poll has predicted National Democratic Alliance (NDA) winning 336 out of 542 seats, with BJP taking 276 seats while its allies grab 60 seats. Congress-led United Progressive Alliance (UPA) is likely to win 82 seats, with the grand old party taking 46 seats and its allies 36 constituencies.

(With inputs from agencies)

Petrol, diesel prices rise as voting concludes in Lok Sabha elections; check the rates here

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