Petrol and diesel prices held steady across metro cities on January 27, the latest price notification issued by fuel retailers showed. Petrol and diesel in Delhi cost Rs 96.72 and Rs 89.62 each litre. In Mumbai, petrol is being sold for Rs 106.31 a litre and diesel for Rs 94.27.
Petrol and diesel are priced at Rs 102.63 per litre and Rs 94.24 in Chennai and at Rs 106.03 a litre and Rs 92.76 in Kolkata, respectively.
Oil prices edged marginally higher on January 27, extending for a second session on strong U.S. economic data and strengthening hope that the reopening of the Chinese economy would boost demand.
Brent futures gained 30 cents, or 0.3 percent, to USD 87.66 a barrel by 0113 GMT, while U.S. crude rose 21 cents to USD 81.22 per barrel, a 0.3 percent gain.
Both benchmarks had gained more than 1% on January 26. Brent was on track to post its second weekly rise if gains held.
Improving gross domestic product and inflation data in the United States provided hope that the U.S. Federal Reserve could slow its pace of interest rate hikes, reducing fear of curtailment in economic activity and consequent oil demand.
Meanwhile, critically ill COVID-19 cases in China are down 72% from a peak early this month while daily deaths among COVID-19 patients in hospitals have dropped 79 percent from their peak, the Center for Disease Control and Prevention said earlier this week. The figures point to the normalisation of China's economy, thereby boosting expectations of a recovery in oil demand.
Crude prices were also supported by strong demand for jet fuel and diesel as supplies remain tight. Also, the European Commission is proposing the European Union set a USD 100 per barrel price cap on premium Russian oil products such as diesel and a USD 45 per barrel cap on discounted products such as fuel oil, EU officials said on Thursday.
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