Petrol prices continued to decrease for the third consecutive day on Tuesday, but the diesel prices remained stable after two days of decline. In Delhi, Kolkata and Mumbai the petrol prices were cut by 11 paise a litre, while in Chennai it was down by 10 paise per litre.
According to the Indian Oil website, the price of petrol in Delhi, Kolkata, Mumbai and Chennai has come down to Rs 75.70, Rs 78.29, Rs 81.29 and Rs 78.65 per litre respectively. At the same time, the price of diesel in the four metros continue to be Rs 69.06, Rs 71.43, Rs 72.42 and Rs 72.98 per litre respectively.
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.