Fuel Prices on April 11: Petrol, diesel rates unchanged across major cities

data shows that India's fuel consumption jumped to a record high in March fuelled by robust economic activity in the world's third biggest oil consumer.

Petrol and diesel prices held steady across metro cities on April 11, the latest price notification issued by fuel retailers showed.

In Chennai, prices of petrol and diesel stood at Rs 102.63/litre and Rs 94.24/litre, respectively, while in Kolkata both fuels are priced at Rs 106.03/litre and Rs 92.76/litre, respectively.

Meanwhile, data shows that India's fuel consumption jumped to a record high in March fuelled by robust economic activity in the world's third-biggest oil consumer.

Consumption of fuel, a proxy for oil demand, rose by 5 percent from a year earlier to 4.83 million barrels per day (20.5 million tonnes), the highest recorded in data going back to 1998 from the Indian Oil Ministry's Petroleum Planning and Analysis Cell.

Also read: Government cuts gas price for April to $7.92; ONGC/OIL capped at $6.5

In other news, oil prices edged higher on Tuesday as market participants weighed supply cuts from OPEC+ that would tighten the global market against concerns about further interest rate hikes potentially hurting demand.

Investors were awaiting a slate of reports on inflation, oil demand and supply due this week that could give the market direction.

Oil futures have climbed more than 5 percent since the Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russia surprised the market last week with a new round of production cuts starting in May.

(Inputs from Reuters)