NEW DELHI: As crude oil hit a 3-month high today, the prices of petrol and diesel were also hiked by 15 paise and 13 paise, respectively. Both Brent and WTI crude futures are now at their highest levels since 20 November. However, during the same period, the prices of both the auto fuels have fallen by more than ₹5 each.
Since the beginning of this month, petrol has fallen by 3 paise while diesel has increased by 40 paise.
A litre of petrol today costs ₹70.91 in Delhi, ₹76.54 in Mumbai, ₹73.25 in Bengaluru, ₹73.61 in Chennai, ₹71.60 in Gurgaon, ₹70.71 in Noida and ₹73.01 in Kolkata. Diesel, on the other hand, costs ₹66.11 a litre in Delhi, ₹69.23 in Mumbai, ₹68.29 in Bengaluru, ₹69.84 in Chennai, ₹65.74 in Gurgaon, ₹65.27 in Noida and ₹67.89 in Kolkata.
On the back of Organization of the Petroleum Exporting Countries (OPEC)-led supply cuts and US sanctions on Iran and Venezuela, oil prices rose to their highest levels since November last year. US West Texas Intermediate (WTI) crude oil futures pushed through $56 per barrel for the first time this year while Brent crude futures hit a high of $66.78 per barrel, Reuters reported.
OPEC as well as some non-affiliated producers like Russia, agreed late last year to cut output by 1.2 million barrels per day (bpd) to prevent a large supply overhang from swelling more. Further pushing up crude prices have been US sanctions against oil exporters and OPEC-members Iran and Venezuela.