Fuel prices on May 2: Petrol, diesel rates unchanged across metros

Fuel prices on May 2:

Fuel prices remained unchanged in most metropolitan cities on May 2, with a litre of petrol costing Rs 96.72 and diesel Rs 89.62 a litre in Delhi. In Mumbai, petrol is being sold for Rs 106.31 a litre and diesel Rs 94.27.

In Chennai, petrol and diesel prices stood at Rs 102.63 and Rs 94.24, while in Kolkata they were priced at Rs 106.03 and Rs 92.76, respectively.

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Oil prices fell in thin early Asian trade on May 2 as the market digested weak economic data from China and expectations of another US interest rate hike.

The benchmark Brent crude fell by 2 cents to $79.29 a barrel by 0021 GMT, while US West Texas Intermediate (WTI) crude fell 2 cents to $75.64. Both benchmarks fell by more than $1 last session.

China's manufacturing activity unexpectedly fell in April, official data showed on April 30, the first contraction since December in the manufacturing purchasing managers' index.

China's industrial and economic recovery from the coronavirus pandemic was expected to boost demand this year.

The US Federal Reserve, which meets on May 2 and 3, is expected to increase interest rates by another 25 basis points. Interest rate hikes often reduce demand.

Banking fears have also weighed on oil in recent weeks and in what is the third major US institution to fail in two months, regulators seized First Republic Bank over the weekend ahead of a deal in which JPMorgan bought most of its assets.

(with agency inputs)