Global Crude Oil Prices Led Sharp Rise in Petrol, Diesel Prices
Transport fuel rates were hiked for the fifth time this month and saw their steepest rise on Sunday, amid global crude oil rates continuing to climb handsomely following the implementation of output cuts by oil producers from January 1.
State-run oil marketing companies increased petrol rates by 49-60 paise per litre on Sunday, while diesel prices were raised by 59-75 paise across the four major metros.
As per data from Indian Oil Corp, petrol price in the Delhi was increased to Rs 69.75 per litre on Sunday, while in Kolkata, Mumbai and Chennai, the fuel cost Rs 71.87, Rs 75.39 and Rs 72.40 per litre, respectively.
Similarly, the price of diesel went up on Sunday in the national capital to Rs 63.69 per litre.
In Kolkata, Mumbai and Chennai, diesel sold at Rs 65.46, Rs 66.66 and Rs 67.26 a litre, respectively.
With petroleum products being outside the GST regime, prices vary as a result of local taxes.
As per the country’s dynamic pricing mechanism, the domestic fuel prices depend upon international fuel prices on a 15-day average and the value of the rupee.
Following the implementation of production cuts by the Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC producers, global crude rates have been hardening and the UK Brent crude closed over the weekend at nearly $62 a barrel after having fallen below $50 last month.
