Domestic petrol and diesel prices were hiked marginally on Monday. With effect from 6 am on May 20, the price of petrol was at Rs 71.12 per litre in Delhi and Rs 76.73 per litre in Mumbai - as against Rs 71.03 per litre and Rs 76.64 per litre respectively the previous day, according to notifications from Indian Oil. The diesel price was at Rs 66.11 per litre in Delhi and 69.27 per litre in Mumbai, up by 15 and 16 paise per litre compared to the previous day's rates, according to Indian Oil Corporation (IOC), the country's largest fuel retailer. (Also read: How to check today's petrol, diesel price in your city)
Here's how domestic petrol and diesel prices have been changed in Delhi, Mumbai, Kolkata and Chennai so far this month:
Overall, the petrol prices have been lowered by Rs 1.96-2.08 per litre - or 2.50-2.75 per cent - in Delhi, Mumbai, Kolkata and Chennai so far this month, and the diesel rates cut by 56-60 paise per litre.
Currently, the domestic prices of petrol and diesel are reviewed by state-run oil marketing companies such as Indian Oil Corporation on a daily basis. Any revisions are effected at the fuel pumps at 6 am. The domestic fuel prices are determined broadly by the global crude oil and rupee-dollar forex rates.
Global crude oil prices jumped in anticipation of tightening supply ahead. Brent crude futures - the international benchmark for crude oil - jumped more than 1.4 per cent following comments from Saudi Arabia's energy minister, who said there was consensus among the members of the Organization of the Petroleum Exporting Countries to maintain production cuts to "gently" reduce inventories.
(With inputs from Reuters)
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