20 January 2023: Oil price stable in India; Global market to experience price hike

20 January 2023: The oil rates have been stable across the country for the past seven months on 20 January 2023, i.e. Friday.  On May 21 2022, Finance Minister Nirmala Sitharaman reduced the excise duty on petrol by Rs 8 per litre and on diesel by Rs 6 per litre across the country.

US Federal Reserve On Oil Price

Despite the unchanged prices in India, the global market has witnessed a price hike. Today, oil prices rose on optimism that the US Federal Reserve will end its tightening cycle, buoying the economy and boosting fuel demand.

Brent futures for March delivery gained 48 cents, or 0.6%, to $86.64 a barrel by 0113 GMT, while U.S. crude advanced 54 cents to $80.87 per barrel, a 0.7% gain.

The benchmarks were on track for a second straight week of gains. Both closed 1% higher on Thursday, near their highest closing levels since 1 December.

Also Read: 19 January 2023: Petrol-Diesel rates constant today; check prices of cities

Fuel Rates In The Cities

Fuel rates in Mumbai and the national capital Delhi have Petrol rates at Rs 106.31 per litre and Rs 96.72 per litre respectively. Diesel costs about Rs 94.27 per litre and Rs 89.62 per litre respectively.

Whereas, in Kolkata, the cost of petrol is Rs 106.03 and that of diesel is Rs 92.76 a litre, respectively. Petrol costs Rs 102.63 per litre in Chennai while diesel costs Rs 94.24. In Bangalore, it’s Rs 101.94 for a litre of petrol and Rs 87.89 for a litre of diesel.

Chennai: Petrol rate: Rs 102.63 per litre, Diesel rate: Rs 94.24 per litre

Kolkata: Petrol rate today: Rs 106.03 per litre, Diesel rate: Rs 92.76 per litre

Bangalore: Petrol rate: Rs 101.94 per litre, Diesel rate: Rs 87.89 per litre

Lucknow: Petrol rate: Rs 96.57 per litre, Diesel rate: Rs 89.76 per litre

Noida: Petrol rate: Rs 96.79 per litre, Diesel rate: Rs 89.96 per litre

Gurugram: Petrol rate: Rs 97.18 per litre, Diesel rate: Rs 90.05 per litre

Chandigarh: Petrol rate: Rs 96.20 per litre, Diesel rate: Rs 84.26 per litre

Mumbai: Petrol rate: Rs 106.31 per litre, Diesel rate: Rs 94.27 per litre

Delhi: Petrol rate: Rs 96.72 per litre, Diesel rate: Rs 89.62 per litre