Petrol, Diesel Prices Up For Seventh Straight Day: 10 Things To Know

The price of diesel was at Rs 66.93 per litre in Delhi, Rs 69.35 per litre in Kolkata, Rs70.22 per litre in Mumbai and Rs 70.76 per litre in Chennai.

In Chennai, petrol rates were hiked by 31 paise per litre.

State-run oil marketing companies increased petrol and diesel prices on Monday, marking a seventh straight day of hike in the fuel rates. With effect from 6 am on Monday, the price of petrol was at Rs 73.91 per litre in Delhi, Rs 76.60 per litre in Kolkata, Rs 79.57 per litre in Mumbai and Rs 76.83 per litre in Chennai, according to notifications from Indian Oil Corporation (IOC). Petrol prices were increased by up to 29 paise per litre in the Delhi, Kolkata and Mumbai, compared to the previous day's rates, data from Indian Oil showed. In Chennai, petrol rates were hiked by 31 paise per litre.

Here are 10 things to know about petrol, diesel prices today:

  1. The price of diesel was at Rs 66.93 per litre in Delhi, Rs 69.35 per litre in Kolkata, Rs 70.22 per litre in Mumbai and Rs 70.76 per litre in Chennai.

  2. In these metros, the diesel prices were hiked by up to 21 paise per litre each compared to Sunday's rates

  3. The domestic fuel prices are determined broadly by dollar-rupee exchange rate and global crude oil prices.

  4. At the forex market, the rupee opened lower at 71.08 on Monday, down 14 paise over its last close. The local unit however pared the initial loss and was trading higher at 70.88 against the US dollar at 2:22 pm.

  5. Globally, oil prices gained more than 1 per cent on Monday as Middle East tensions remained elevated.

  6. Experts suggested that following the largest ever-disruption of crude production in Saudi Arabia amid drone attacks on its key facilities, prices of petrol and diesel in India may shoot up by Rs 5 to 6 a litre.

  7. A report by Kotak said that in light of the sharp rise in international crude oil prices, Indian oil marketing companies (OMCs) may increase the retail price of diesel and gasoline by Rs 5 to 6 per litre in the following fortnight.

  8. However, government sources have indicated that, even if the surge in crude prices holds on for a longer period, consumers would not be burdened with high auto fuel prices as oil companies and the government may absorb a portion of the price hike.

  9. On September 17, global energy prices spiked by 15 per cent after a weekend attack on key oil facilities in Saudi Arabia caused the worst disruption to world supplies on record.

  10. Eventually, however, they have eased following assurances improvement in supplies by Aramco. The demand scenario also has remained stagnant which has helped prices come down from the highs.



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