The state-run oil marketing companies have raised the diesel and petrol prices on Tuesday across Delhi, Mumbai, Kolkata and Chennal. While, petrol prices have been increased by 5 paise a litre, diesel prices were increased by 9-10 paise a litre across the major cities. In the national capital, petrol is selling at Rs 71.17 a litre as against the previous rate Rs 71.12 a litre, whereas, diesel prices surged to Rs 66.20 a litre from the previous price of Rs 66.11 a litre on Monday, according to the Indian Oil Corporation website.
In Mumbai, people need to spend Rs 76.78 for one litre of petrol, five paise more than the previous rate of Rs 76.73 a litre, while for diesel, they need to shell out Rs 69.36 a litre, 9 paise more than the last price of Rs 69.27 a litre. In Kolkata, the petrol prices have been raised by 5 paise to Rs 73.24 a litre. Yesterday, the petrol was being sold at Rs 73.19 in Kolkata. Diesel prices have also been hiked by 10 paise to 67.96 a litre. Yesterday, it was selling at Rs 67.86 a litre.
In Chennai, petrol is being sold at Rs 73.87 a litre, 5 paise higher than yesterday’s price of Rs 73.82 a litre. The diesel prices have risen by 9 paise to Rs 69.97 a litre. Yesterday, the diesel was selling at Rs 69.88 a litre.
India imports 80 percent of its oil requirements and it is the third largest importer of Iranian oil. Geopolitical tensions between the US and Iran, and indications that the producer club OPEC will continue restraining supply this year led to the surge in oil prices on Tuesday. The international benchmark for oil prices, Brent crude futures, were last seen at $72.19 per barrel, 0.22 percent, from their previous close, while the US West Texas Intermediate (WTI) crude futures were higher by 0.24 percent, at $63.34 per barrel from their previous settlement.