- Petrol rates rise by 11-13 paise/litre in Delhi, Mumbai, Kolkata, Chennai
- Diesel prices go up by 18-19 paise per litre on Wednesday
- In Delhi, petrol price has risen by Rs. 1.42/litre so far this year
In the national capital, the diesel price is at a record high while petrol price is the highest since August 2014.
|Petrol (Rs per litre)|
|Diesel (Rs per litre)|
From June 16, 2018, oil marketing companies - Indian Oil, HPCL and BPCL - adopted a new system of daily fuel price revisions, effective 6 am every day. Since their shift to daily revisions, petrol prices in Delhi, Kolkata, Mumbai and Chennai have gone up by Rs 0.83-4.59 per litre while diesel rates have risen by Rs 4.42-6.44 per litre.
So far this year, with Wednesday's revision, petrol prices have gone up by Rs 1.42 per litre in Delhi, Rs 1.39 per litre in Kolkata, Rs 1.4 per litre in Mumbai and Rs 1.49 per litre in Chennai. Diesel prices have soared by Rs 2.42 per litre, Rs 2.42 per litre, Rs 2.82 per litre and Rs 2.59 per litre respectively.
"OPEC's efforts to cap the oil output are resulting in the positive momentum in oil prices. US oil inventories have been consistently falling since October 2017 to Jan 2018, and the oil inventories have fallen by 45 million barrels in the same time frame," said Prathamesh Mallya, chief analyst-non-agri commodities currencies at Angel Commodities Broking.
A weaker dollar and expectations of stronger global economic growth has also pushed oil prices higher.
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