Petrol Price Surges To Rs 74.07 In Delhi, Highest Since September 2013

Petrol price in Delhi soared to Rs 74.07 on Thursday. From Monday onwards, the petrol price has been hovering past Rs 74 a litre. The petrol prices on Monday had touched a high of Rs 74.02, a level that was sustained on Tuesday and Wednesday. The petrol price was higher than this level over four and a half years ago, i.e. on September 14, 2013, when the price had surged past Rs 76. The petrol is available in Kolkata, Mumbai and Chennai at Rs 76.77, Rs 81.92 and Rs 76.84, respectively, on Thursday.

Diesel prices also touched a high of Rs 65.27 in New Delhi on Thursday. For the past few days, the diesel prices have been hovering past Rs 65. The diesel prices had surged past Rs 65 on April 14 and stayed above that level since then. Globally, the crude oil on Thursday surged to close to 3.5-year peaks on simmering Mideast tensions and keen US demand.

World oil prices extended Wednesday's gains on the back of data showing a drop in US stockpiles -- indicating improved demand -- and expectations that a Russia-OPEC output cap deal will be kept in place.

The market was also propelled after OPEC (Organisation of Petroleum Exporting Countries) kingpin Saudi Arabia reportedly stated it wanted crude prices to top $80 per barrel as it prepares for a gigantic listing of part of its state oil company.

Tensions in the oil-rich Middle East also kept prices elevated.

"Saudi Arabia still calls the shots on global oil markets, and it is increasingly obvious the Saudis are comfortable with oil at USD 80 or more," said Interactive Investor analyst Lee Wild.

With Reuters inputs