Crude oil prices showed a slight increase in early trading on January 1, 2025. Brent Crude futures rose by 19 cents, or 0.25%, reaching $74.83 per barrel. Similarly, U.S. West Texas Intermediate (WTI) crude rose by 88 cents, or 1.24%, to $71.72 per barrel.
On December 31, 2024, Brent crude futures gained 65 cents, or 0.88%, settling at $74.64 per barrel, while WTI rose by 73 cents, or 1.03%. Despite the uptick, oil prices decreased by approximately 3% in 2024, marking a second consecutive year of decline. Factors such as stalled post-pandemic demand recovery, economic challenges in China, and increased production by non-OPEC countries, particularly the U.S., contributed to a well-supplied global market and downward pressure on prices.
The International Energy Agency (IEA) forecasts that the oil market will enter 2025 in surplus, with OPEC and its allies delaying their planned production increases until April 2025.
Petrol and Diesel Prices on January 1, 2025
Petrol and diesel prices varied across cities in India on January 1, 2025. The following are the rates for select cities:
- Bangalore: Petrol – Rs 102.92 per litre, Diesel – Rs 88.99 per litre
- Gurgaon: Petrol – Rs 94.75 per litre, Diesel – Rs 87.59 per litre
- Mumbai: Petrol – Rs 103.50 per litre, Diesel – Rs 90.03 per litre
- Ludhiana: Petrol – Rs 97.44 per litre, Diesel – Rs 87.93 per litre
- Guwahati: Petrol – Rs 98.08 per litre, Diesel – Rs 90.33 per litre
- Pune: Petrol – Rs 104.83 per litre, Diesel – Rs 91.35 per litre
- Ranchi: Petrol – Rs 98.70 per litre, Diesel – Rs 93.45 per litre
- New Delhi: Petrol – Rs 94.77 per litre, Diesel – Rs 87.67 per litre
- Srinagar: Petrol – Rs 99.72 per litre, Diesel – Rs 84.90 per litre
- Surat: Petrol – Rs 94.75 per litre, Diesel – Rs 90.44 per litre
- Chennai: Petrol – Rs 101.03 per litre, Diesel – Rs 92.61 per litre
- Indore: Petrol – Rs 106.55 per litre, Diesel – Rs 91.94 per litre
(With Reuters Inputs)
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