NEW DELHI :
On the back of a recent spike in international benchmark rates, petrol price increased by 5 paise a litre today while diesel price was hiked by 11 paise a litre. In the first seven days of this year, petrol price is up by 60 paise while that of diesel by 83 paise. Fuel prices in India are dependent on international crude oil rates which have been on the rise following a trade truce between US and China, output cuts by OPEC and its allies, and increasing tensions in the Middle East following a US strike in Iraq.
In New Delhi, a litre of petrol today costs ₹75.74 and diesel ₹68.79. In Mumbai, a litre of petrol costs ₹81.33 a litre and diesel ₹72.14 a litre. If you are in Bengaluru, you pay ₹78.28 for petrol and ₹71.08 for diesel. In Chennai, petrol costs ₹78.69 for petrol and ₹72.69 for diesel. Those in Hyderabad will have to pay ₹80.54 for petrol and ₹75 for diesel. In Gurgaon, you pay ₹75.03 for petrol and ₹67.66 for diesel.
5 things to know about petrol, diesel prices in India:
1) The hike in the price of diesel is now higher than that of petrol because of a difference in the benchmark rates of the two auto fuels, which is taken into account by state-run fuel retailers.
2) Although crude oil rates are now well below the $70 a barrel mark today but petrol and diesel prices are still expected to rise further in the next few days as retailers take into account a fortnightly average of international rates.
3) Today is the sixth consecutive day of petrol, diesel price hike.
4) Brent crude fell 44 cents to $68.47 a barrel by 0200 GMT while U.S. West Texas Intermediate (WTI) crude was at $62.86 a barrel, down 41 cents. Prices are likely to gain support from higher compliance among the Organization of the Petroleum Exporting Countries (OPEC) and its allies on meeting production quota curbs aimed at reducing supply.
5) Brent crude hit $70 a barrel on Monday, the highest level since attacks on Saudi oil installations in September that crimped global supply by about 5%. Oil prices have jumped more than 5% since the American airstrikes last week on fears that the a wider conflict could disrupt supply from the world’s most important producing region.