Petrol Prices Rise For The 4th Straight Day; Diesel Rates Cut

Fuel prices were revised again on Monday by state-owned oil marketing companies.

Petrol prices per litre were increased by 15 paise to Rs 73.20 in New Delhi, Rs 75.91 in Kolkata, Rs 78.87 in Mumbai and Rs 76.08 in Chennai.

On the other hand, diesel rates per litre were lowered by 6 paise to Rs 65.85 in New Delhi, Rs 68.26 in Kolkata, Rs 69.07 in Mumbai and Rs 69.60 in Chennai.

These prices are revised on a daily basis by Indian oil marketing companies based on the 15-day average international crude prices and foreign exchange rates.

In the international market, oil prices fell on Monday on renewed doubts of the prospective trade deal between the US and China. Brent crude was down by 0.9 percent or 55 cents to $61.96 a barrel on concerns over excess supplies and waning demand.

On Saturday, US President Trump's comments caused analysts to lower forecasts for oil demand.

He said that while trade talks with China were moving along "very nicely," the US would only make a deal if it was the right one for America. Further, he said that there has been incorrect reporting about Washington's willingness to lift tariffs as part of a "phase one" agreement, news of which had pushed markets across the globe higher.