As international crude oil rates spiked by about 15% this year, petrol prices shot up by 4% and those of diesel by 5%. Since January 1, the price of petrol has jumped by ₹2.62 per litre and diesel by ₹3.24. Crude oil prices, on which the fuel prices are dependent, has spiked by 15% during the same period. A litre of petrol now costs ₹71.27 in New Delhi, ₹70.97 in Noida, ₹71.99 in Gurgaon, ₹76.90 in Mumbai, ₹73.62 in Bangalore and ₹73.99 in Chennai.
Diesel, on the other hand, now costs ₹65.90 a litre in New Delhi, ₹65.06 in Noida, ₹65.67 in Gurgaon, ₹69.01 in Mumbai, ₹68.07 in Bangalore and ₹69.62 in Chennai. Domestic fuel prices depend upon international fuel prices and the value of the rupee.
Making oil imports costlier, the rupee has declined 1.87% so far this year.
Oil prices fell on Tuesday on signs that an economic slowdown in China, the world's second-largest economy and oil consumer, was spreading, stoking concerns over future fuel demand. The gloomy economic news has pulled down financial markets across Asia, including crude oil futures.
Brent futures were trading above $62 per barrel while US West Texas Intermediate (WTI) crude futures were around $53 per barrel, Reuters said.
Crude oil is now off to the best start in 18 years after a slump in the last quarter as OPEC and its partners began new production curbs aimed at removing 1.2 million barrels a day from the market through June, Bloomberg reported.