NEW DELHI :
After increasing for the eight consecutive day today, the price of petrol has jumped by more than ₹2 in the short span. The price of petrol rose by 22 paise per litre and that of diesel by 14 paise a litre during the day. If the last 8 days are taken into account, petrol price has increased by ₹2.1 a litre while the price of diesel has increased by ₹1.64 a litre.
A litre of petrol costs ₹74.13 in Delhi, ₹79.79 in Mumbai, ₹77.06 in Chennai and ₹76.67 in Bengaluru. A litre of diesel costs ₹67.07 in Delhi, ₹70.37 in Mumbai, ₹77.91 in Chennai and ₹69.36 in Bengaluru. Petrol price has already hit this year's high.
5 things to know about petrol, diesel prices:
1) The recent spike in petrol and diesel prices is among the sharpest such hike during the last two years. Given the trends in the crude oil market, fuel prices are likely to rise further in the next few days. Crude oil rates eased today as Brent crude futures fell 35 cents to $64.42 a barrel by 0408 GMT, while U.S. West Texas Intermediate (WTI) futures were at $58.36, down 28 cents.
2) Petroleum Minister Dharmendra Pradhan has said that oil prices would ease if the ongoing global tensions do not increase. He also said that crude oil prices have already eased by a few dollars per barrel in the past few days.
3) The recent spike in crude oil rates is led by attacks on Saudi Arabia's oil facilities. The ongoing tension in the Middle East and the persistent US-China trade war has also contributed to the spike in oil prices. Crude oil prices impact India severely as the country imports over 80% of its requirements. Oil is now headed for the biggest monthly gain since June.
4) A recent report by Kotak said that in light of the sharp rise in international crude oil prices, state-run fuel retailers may increase the retail price of diesel and petrol by ₹5 to 6 per litre in the following fortnight.
5) The weakening of rupee is also contributing to the price hike. In the year so far, the rupee has weakened 1.5%. At 9.10 am, the rupee was trading at 70.75 a dollar, up 0.20% from Monday's close of 70.93. The Indian unit opened at 70.80 a dollar.