New Delhi: The petrol and diesel prices across the country may witness an upward trend in the coming week, as the Organisation of the Petroleum Exporting Countries (OPEC) has sought to cut down the crude oil production. The ‘sufficient cut’ in production was sought by OPEC among the organisation members to prop up the plunging crude prices.Also Read - Petrol To Be Cheaper By ₹25/Litre in This State. Deets Inside

Ahead of the OPEC meeting in Vienna scheduled on Thursday, Saudi Arabia’s oil minister Khalid al Falih reportedly said, “We’re looking for a sufficient cut to balance the market, equally distributed between countries.” Also Read - Exchequer Paid Rs 4.55 Lakh Crore As Central Taxes On Petrol, Diesel In 2020-21

Meanwhile, the price of petrol per litre as on December 6 stood at Rs 71.32 in Delhi, Rs 76.90 in Mumbai, Rs 73.99 in Chennai and Rs 73.36 in Kolkata. The price of diesel, on the other hand, costs Rs 65.96 per litre in Delhi, Rs 69.02 in Mumbai, Rs 69.63 in Chennai and Rs 67.79 in Kolkata on Thursday. (Check the Live Petrol And Diesel Price Here) Also Read - Petrol Costs Rs 1.885 Per Litre In This Country

The oil rates have already been reduced by around 30 per cent since October. Moreover, the rate of benchmark Brent crude oil futures hovered around $61.49 per barrel on Thursday. The retail selling price of petrol and diesel is dependent on the international prices of benchmark fuel and the rupee-US dollar exchange rate. This is because a large proportion of the country’s requirement is met through imports.

(With Agency inputs)