Petrol and diesel prices in Chennai stood at ₹95.99 & ₹90.12 per litre respectively. In Kolkata, prices remained at ₹94.50 for petrol & ₹87.74 a litre for diesel.
The prices of petrol and diesel were hiked in the national capital on Tuesday by 26 paise and 25 paise respectively. Fuel prices were hiked by 16 times in May.
"Brent Crude $70.79, WTI $68.90.... Petrol Diesel Price may rise further... Lower supply and demand is expected to Increase due to resume of Economies," Anuj Gupta, Vice President — Commodities and Currency Trade at IIFL Securities said.
Oil prices rose on Wednesday after OPEC and its allies stuck to their plan to cautiously return oil supply in June and July while expecting fuel demand to rebound strongly during the U.S. summer. Prices rose to their highest since October 2018 as US West Texas Intermediate (WTI) crude futures rose to $68.05 while Brent crude futures climbed to $70.62 a barrel, after jumping 1.3% overnight, when it hit its highest since March 8, reported Bloomberg.
The price of petrol, which had already crossed the ₹100-mark in several cities in Rajasthan, Madhya Pradesh and Maharashtra, breached the psychological barrier in Mumbai on Saturday. Tuesday's price increase was the second since then.