Fuel prices firmed up on global cues: Pradhan

Our Bureau New Delhi | Updated on December 20, 2019 Published on December 20, 2019

Union Minister Dharmendra Pradhan (File photo)

Domestic fuel prices have firmed up in recent days on global cues, according to Minister for Petroleum and Natural Gas Dharmendra Pradhan.

“Consumers in India feel the pinch of rising crude oil price as product prices also move in tandem with international cues,” Pradhan said at Federation of Indian Chambers of Commerce & Industry’s 92nd annual convention.

“A few days back US President Donald Trump tweeted that the US and China have made progress in ironing out their differences. The two inked an agreement for purchase of soybean. This improved the market sentiment and crude oil prices rose by some $2 to $3 a barrel,” Pradhan. “This led to a firming of product prices in India pinching the pockets of consumers. This is how geo-politics works,” he added.

Brent crude prices have firmed up from $60.92 a barrel at the beginning of December this year to close at $66.32 a barrel on Friday. This has reflected marginally in auto fuel price too.

Diesel price in Delhi is up from ₹65.78 a litre on December 1 to ₹66.34 a litre on Friday. Petrol price has registered a slight decline and was sold at ₹74.63 a litre on Friday, down from ₹74.91 a litre on December 1.

Published on December 20, 2019

A letter from the Editor

Dear Readers,

The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill. Everyone has been impacted.

Including your favourite business and financial newspaper. Our printing and distribution chains have been severely disrupted across the country, leaving readers without access to newspapers. Newspaper delivery agents have also been unable to service their customers because of multiple restrictions.

In these difficult times, we, at BusinessLine have been working continuously every day so that you are informed about all the developments – whether on the pandemic, on policy responses, or the impact on the world of business and finance. Our team has been working round the clock to keep track of developments so that you – the reader – gets accurate information and actionable insights so that you can protect your jobs, businesses, finances and investments.

We are trying our best to ensure the newspaper reaches your hands every day. We have also ensured that even if your paper is not delivered, you can access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute, so that you can access the information you want anywhere, anytime.

But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. Sustaining our quality journalism has become extremely challenging. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.

I appeal to all or readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. Doing so is easy. You can help us enormously simply by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section that offers rich investment advice from our highly qualified, in-house Research Bureau, the only such team in the Indian newspaper industry.

A little help from you can make a huge difference to the cause of quality journalism!

Support Quality Journalism
This article is closed for comments.
Please Email the Editor
You have read 1 out of 3 free articles for this week. For full access, please subscribe and get unlimited access to all sections.