Petrol and diesel prices continued to rise on Thursday amid rising global crude prices. Petrol prices were hiked by 17-18 paise per litre in Delhi, Kolkata, Mumbai and Chennai while diesel rates increased by 19-21 paise per litre, according to Indian Oil Corporation. Effective 6 am, January 18, 2018, petrol retailed at an over three-year high of Rs 71.56 per litre in Delhi. Petrol retailed at Rs 74.28 per litre in Kolkata, Rs 79.44 per litre in Mumbai and Rs 74.2 per litre in Chennai, according to IOC's website - iocl.com. Diesel rates were at Rs 62.25 per litre in Delhi, Rs 64.91 per litre in Kollkata, Rs 66.3 per litre in Mumbai and Rs 65.63 per litre in Chennai.
In the national capital, the diesel price is at a record high while petrol price is the highest since August 2014.
|Petrol (Rs per litre)|
|Diesel (Rs per litre)|
In the international market, crude oil prices extended gains on data showing a decline in US crude inventories. A weaker dollar and expectations of stronger global economic growth has also pushed oil prices close to three-year highs of $70.
From June 16, 2018, oil marketing companies - Indian Oil, HPCL and BPCL - adopted a new system of daily fuel price revisions, effective 6 am every day. Since their shift to daily revisions, petrol prices have gone up by Rs 4.65 per litre in Delhi, Rs 4.76 per litre in Kolkata, Rs 1 per litre in Mumbai and Rs 4.27 per litre in Chennai. Diesel rates have risen by Rs 6.31 per litre, Rs 6.63 per litre, Rs 4.63 per litre and Rs 6.41 per litre respectively.
So far this year, including Thursday's revision, petrol prices have gone up by Rs 1.56-1.67 per litre in the four metros and diesel rates risen by Rs 2.61-3.03 per litre.
Domestic fuel prices are mostly determined by global crude prices, the dollar-rupee exchange rate and government taxes.