Despite spiralling crude oil prices, state-run oil marketing companies have refrained from hiking the price of petrol and diesel during the last 15 days. Fuel prices were last increased on January 22 and after remaining constant for about a week, the price graph has only moved down. The price of petrol was decreased by 15 paise and diesel by 10 paise today.
However, since the beginning of the year, crude oil has rallied about 20% and petrol and diesel prices have jumped by ₹2 and ₹3 per litre, respectively.
A litre of petrol today costs ₹70.44 in Delhi, ₹76.08 in Mumbai, ₹73.11 in Chennai and ₹72.55 in Kolkata. Diesel, on the other hand, costs ₹65.51 in Delhi, ₹68.59 in Mumbai, ₹69.20 in Chennai and ₹67.29 in Kolkata.
Crude oil rates, which reached around two-month highs yesterday, have rallied about 20% this year as production cuts by the Organization of Petroleum Exporting Countries (OPEC) and allies, including Russia, have taken effect.
US West Texas Intermediate (WTI) crude futures were trading at $54.77 per barrel after closing down 1.3% on Monday. International Brent crude oil futures were below $63 a barrel, Reuters reported.
Surging crude oil prices and sustained foreign fund outflows have also put pressure on the rupee. The currency has lost 2.7% of its value against the US dollar this year. On Monday, the rupee had plunged by 55 paise to close at 71.80 against the dollar.