Petrol price relief continues as the rates were reduced by up to 21 paise in the major metros on Tuesday. Petrol prices were cut by 21 paise in national capital Delhi to Rs 71.72. In financial capital Mumbai, one litre of petrol is retailing at Rs 77.29, down by 21 paise. In case of Chennai, a litre of petrol can be bought for Rs 74.41, while in case of Kolkata, OMCs (oil marketing companies) have reduced the price of petrol to Rs 73.75 per litre. The latest prices are effective from 6 am on Tuesday.
Fuel rates have been on the decline in the last 46 days. SInce October 17, petrol prices have reduced by Rs 11.11 in Delhi, Rs 10.79 in Mumbai, Rs 10.90 in Kolkata and Rs 11.69 in Chennai. Notably, the latest prices are the least since April 1 in the major metros.
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Meanwhile, oil prices rose on Tuesday, extending strong gains from the previous day amid expected OPEC-led supply cuts and a mandated reduction in Canadian output. The 90-day truce in the trade dispute between the United States and China was also still supporting markets, traders told Reuters.
U.S. West Texas Intermediate (WTI) crude futures were at $53.20 per barrel at 0006 GMT, up 25 cents, or 0.5 percent, from their last close. International Brent crude oil futures had yet to trade. Both crude benchmarks climbed by around 4 percent the previous session after Washington and Beijing agreed a truce in their trade disputes and said they would negotiate for 90 days before taking any further action, Reuters reported.