Petrol and diesel prices were hiked across the metros by oil marketing companies on Sunday. Petrol is priced at Rs. 71.67 per litre in New Delhi, Rs. 73.73 per litre in Kolkata, Rs. 77.28 per litre in Mumbai and Rs. 74.39 per litre in Chennai, according to notifications from state-run Indian Oil Corporation (IOC). Petrol prices were increased by 14 paise per litre in Delhi, Mumbai and Chennai compared to the previous day's rates. In Kolkata, the prices were hiked by 13 paise per litre.
Diesel rates were at Rs. 66.64 per litre in New Delhi, Rs. 68.40 per litre in Kolkata, Rs. 69.83 per litre in Mumbai and Rs. 70.45 per litre in Chennai. In Delhi and Kolkata, the prices were increased by 7 paise per litre compared to the previous day's rates. In Mumbai and Chennai, the rates were hiked by 8 paise per litre.
State-run oil marketing companies Indian Oil, Bharat Petroleum and Hindustan Petroleum review fuel prices on a daily basis, and any revisions are implemented at the fuel stations with effect from 6 am. The domestic fuel prices are determined broadly by the global crude oil and rupee-dollar forex rates.
Crude oil prices climbed more than 1 per cent on Friday ahead of long US and UK holiday weekends, but posted the biggest weekly drop of the year, pressured by rising inventories and worries about the global economy, reported news agency Reuters.
Brent crude rose 93 cents, or 1.4 per cent, to settle at $68.69 a barrel, but the global benchmark notched a weekly decline of about 4.5 per cent.
(With agency inputs)