Since January 1, petrol price has increased by 55 paise and diesel by 72 paise
Given the trend in crude oil prices, it is likely that petrol, diesel prices will continue to increase in the next few days
NEW DELHI :
Petrol and diesel prices were hiked for the fifth consecutive day today as Brent crude oil rates surged more than 2% to cross the $70 mark. State-run fuel retailers today increased the price of petrol by 15 paise a litre and that of diesel by 17 paise a litre. Since January 1, petrol price has increased by 55 paise and diesel by 72 paise.
Petrol prices have been on the upswing since December 26 while that of diesel since November 29. Narrowing the price gap between the two fuels, diesel prices have increased by ₹2.78 per litre over this period while petrol has become costlier by 91 paise.
In New Delhi, a litre of petrol today costs ₹75.69 and diesel ₹68.68. In Mumbai, a litre of petrol costs ₹81.28 a litre and diesel ₹72.02 a litre. If you are in Bengaluru, you pay ₹78.22 for petrol and ₹70.97 for diesel. In Chennai, petrol costs ₹78.64 for petrol and ₹72.58 for diesel. Those in Hyderabad will have to pay ₹80.48 for petrol and ₹74.88 for diesel. In Gurgaon, you pay ₹74.99 for petrol and ₹67.56 for diesel.
"Prices of petrol and diesel always react a little late to the rise in crude oil prices as state-run retailers fix fuel prices daily based on a complex algorithm of 15-day average international benchmark rates. Given the trend in oil prices, it is likely that fuel prices will increase in the next few days as well," Care Ratings said.
Amid rising tensions in the Middle East following the killing of Iranian commander Qassem Soleimani and President Trump's threat to impose sanctions on Iraq, oil prices shot more than 2% higher today, with Brent rising above $70 a barrel.
Although there is no immediate threat of crude oil supply disruption to India but the impact is being felt in prices. India imports around 84% of its oil requirements out of which the Middle East nations account for more than two-thirds of imports. Iraq and Saudi Arabia are the two top suppliers.