Petrol prices were marginally increased by up to 7 paise per litre while diesel rates were cut by up to 6 paise per litre across Delhi, Mumbai, Kolkata and Chennai on Thursday, according to state-run Indian Oil Corporation's official website - iocl.com. Currently, state-run oil marketing companies Indian Oil, Bharat Petroleum and Hindustan Petroleum review petrol and diesel prices on a daily basis. Any changes in the rates are implemented at petrol and diesel stations with effect from 6 am.
With effect from 6 am on March 14, petrol prices stood at Rs 72.48 per litre in Delhi, Rs 78.10 per litre in Mumbai, Rs 74.56 per litre in Kolkata and Rs 75.27 per litre in Chennai, according to Indian Oil Corporation.
Diesel prices were decreased to Rs 67.32 per litre, Rs 70.52 per litre, Rs 69.11 per litre and Rs 71.15 per litre in Delhi, Mumbai, Kolkata and Chennai respectively on Thursday, according to Indian Oil, the country's largest fuel retailer.
As per the country's dynamic pricing mechanism, the domestic fuel prices depend upon international fuel prices on a fifteen-day average and the value of the rupee. This is because a large proportion of country's requirement is met through imports.
The rupee fell by 24 paise to 69.78 against the dollar in opening trade on Thursday on increased demand for the greenback from importers and banks and rising crude oil prices.
Globally, crude oil prices on Thursday hit their highest so far this year, pushed up by ongoing supply cuts led by OPEC and by US sanctions against Venezuela and Iran. Brent was still at $67.75 per barrel at 0244 GMT or 8:14 am, up 20 cents, or 0.3 per cent, from its last close.
(With inputs from agencies)