Petrol, diesel prices in India maintain status quo; global oil prices down

Petrol and diesel prices maintained a status quo today as the country continues to suffer the impact of slumping Indian rupee. The price of petrol in New Delhi is Rs 79.31, in Kolkata at Rs 82.22, in Mumbai at Rs 86.72, while in Chennai at Rs 82.41. The price was hiked 16 paise yesterday, but today it retained the same value. 

Diesel price, which was hiked by a 15-29 paise yesterday, also maintained the status quo like petrol price across the metro cities today. Diesel is retailing at Rs 71.34/litre today in Delhi, in Kolkata at Rs 74.19, in Mumbai at Rs 75.74 and in Chennai at Rs 75.39.

Earlier on Tuesday, prices of petrol in India surged up amid a rise in the US oil prices edging ahead of $70 per barrel mark after two of the Gulf of Mexico oil platforms were evacuated due to a possible threat from a hurricane. Both WTI Crude and Brent crude prices escalated further and were seen trading at $70.37 per barrel, up by 0.82% and $78.25 per barrel, up by 0.13% respectively. 

Petrol price in Indian cities, according to goodreturns.in

Diesel price in Indian cities, according to goodreturns.in

On global front, oil prices fell today partly reversing a strong jump from the previous day, as the impact of a tropical storm on US Gulf coast production was not as strong as initially expected, said a Reuters report, adding that US West Texas Intermediate (WTI) crude futures were at $69.47 per barrel at 0139 GMT, down 40 cents, or 0.6 percent, from their last settlement.

Stephen Innes, head of trading for Asia/Pacific at futures brokerage OANDA, told Reuters that many crude futures traders were "caught long and wrong over the past 24 hours due to tropical storm buying frenzy", adding that "prices pulled back considerably as the magnitude of the storm suggests production losses will be limited."

Emerging markets are a key driver of global oil demand growth, several of them - especially Turkey and Argentina but also Indonesia and South Africa - have reportedly seen their currencies and stock markets come under pressure in recent months amid inflation, a strong US-dollar and escalating global trade disputes.

Watch this Zee Business video

"If emerging markets get worse ... that will impact crude markets," Stephen Innes told Reuters.