Fuel price rises again : Petrol reaches rupees 78.71 at Mumbai

Oil-marketing companies increased the prices of petrol and diesel across the four metro cities on Saturday. Petrol is priced at Rs. 73.13 per litre in New Delhi, Rs. 75.15 per litre in Kolkata, Rs. 78.71 per litre in Mumbai and Rs. 75.92 per litre in Chennai, according to state-run Indian Oil Corporation’s (IOC) website, iocl.com. Petrol prices were increased by 6 paise per litre in Delhi and by 7 paise per litre in Kolkata and Mumbai. In Chennai, the prices were increased by 8 paise per litre.

Diesel rates stood at Rs. 66.71 per litre in New Delhi, Rs. 68.45 per litre in Kolkata, Rs. 69.86 per litre in Mumbai and Rs. 70.48 per litre in Chennai. Diesel rates were increased by 5 paise per litre in Delhi and by 6 paise per litre in Kolkata. In Mumbai and Chennai, prices were hiked by 9 paise per litre.

State-run oil marketing companies Indian Oil, Bharat Petroleum and Hindustan Petroleum revise fuel prices with effect from 6 am on a daily basis.

As per the daily dynamic pricing regime, domestic fuel prices depend on international fuel prices on a 15-day average, besides the value of the rupee. This is because a large proportion of country’s requirement is met through imports.

Globally, oil prices inched up on Friday as strong US economic data boosted demand sentiment and as production losses in sanctions-hit Iran and Venezuela tightened the market, reported news agency Reuters. Brent crude oil futures settled at $70.85 a barrel, rising 10 cents.

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