Petrol and diesel prices were increased for fifth day in a row on Monday as crude oil surged after US President Donald Trump issued a threat to impose sanctions on Iraq amid escalating tensions with Iran in the Middle East. Brent crude futures soared to a high of $70.27 a barrel, up $1.67, or 2.4 per cent, from Friday's settlement. Petrol prices were increased by 15 paise per litre in Delhi, Kolkata and Mumbai and by 16 paise in Chennai. Prices of diesel were also increased by 17 paise per litre in Delhi and Kolkata, by 18 paise in in Mumbai and by 19 paise in Chennai, according to website of state-run oil refiner Indian Oil.
US West Texas Intermediate crude was at $64.39 a barrel, up $1.34, or 2.1 per cent, after touching $64.44 earlier, the highest since April.
The gains extended Friday's more-than-3 per cent surge after a U.S. air strike in Iraq killed top Iranian commander Qassem Soleimani on Friday. The killing has heightened concerns of a widening Middle East conflict that could disrupt oil supplies from a region that accounts for nearly half of the world's oil production.
On Sunday President Trump threatened to impose sanctions on Iraq, the second largest producer among the Organization of the Petroleum Exporting Countries (OPEC), if US troops were forced to withdraw from the country. Baghdad earlier called on American and other foreign troops to leave Iraq.
Here are latest prices of petrol and diesel across metro cities:
|Source: Indian Oil|
In the last five days petrol prices have been increased by 49 paise per litre in Kolkata and Mumbai, by 55 paise in Delhi and by 52 paise in Chennai. At the same time, diesel prices have been increased by 72 paise per litre in Delhi and Chennai, by 66 paise in Kolkata and by 71 paise in Mumbai.
Petrol and diesel prices are reviewed by oil marketing companies such as state-run Indian Oil on a daily basis, and any revision in the fuel rates is implemented at fuel stations with effect from 6 am. The government allowed revision of fuel rates on a daily basis since mid-June 2017 to instantly reflect the changes in costs.
(With inputs from Reuters)