Petrol, Diesel Prices Hiked Further. Check Out Today's Fuel Rates

Petrol and diesel prices were increased on Sunday, marking the fourth straight day of marginal hikes. While the magnitude of hikes was in the range of 14-16 paise per litre in case of petrol in Delhi, Kolkata, Mumbai and Chennai, diesel prices were lifted by 10-11 paise per litre, according to data from Indian Oil Corporation. Petrol and diesel are deregulated in the country. State-run oil marketing companies such as Indian Oil review the fuel prices on a daily basis, and effect any revisions at fuel pumps with effect from 6 am every day.

On Sunday, petrol retailed at Rs 76.13 per litre in Delhi, Rs 78.8 per litre in Kolkata, Rs 83.52 per litre in Mumbai and Rs 79.01 per litre in Chennai. Diesel prices were at Rs 67.86 per litre, Rs 70.41 per litre, Rs 72 per litre and Rs 71.63 per litre respectively. Since Wednesday, July 4, petrol prices have been increased by a cumulative 57-61 paise per litre and diesel rates raised by 48-51 paise per litre. These hikes come after a gap of one month, when crude oil rates and weakness in the rupee had led to the prices touching all-time highs in some cities.

Domestic petrol and diesel prices are determined by the price of global crude oil and the exchange rate of the rupee against the US dollar, among other factors. Brent crude oil price - the global benchmark for crude oil - settled at $77.11 per barrel on Friday. The rupee gained 8 paise to end at 68.87 against the US currency on that day.

While the decision by the Organization of the Petroleum Exporting Countries (OPEC) last month to raise production led to some easing in global crude oil rates, the threat of sanctions on Iran, after the US withdrawal from the nuclear deal with the Gulf nation is again pushing prices. The US is putting pressure on importers of Iranian oil such as India and China to end all imports by November 4, news agency IANS cited oil marketing company officials as saying.

The OPEC, after a meeting last month, agreed for modest hikes in oil production. The move was aimed at compensation for production loss at a time of rising global consumption.

(With agency inputs)