The oil marketing companies or OMCs have increased the diesel prices by 5 paise across major cities on Monday after a hiatus of three days. In Delhi, while petrol is selling at the old price of Rs 73.08, diesel prices have increased by Rs 5 paise to 66.66 per litre.
In Mumbai, people need to shell out Rs 69.77 for one litre of diesel, 5 paise more than the last rate, whereas petrol is being sold at the same price of Rs 78.65 per litre. In Kolkata, petrol and diesel are selling at Rs 75.10 and Rs 68.40 per litre respectively. While the petrol prices are stable, diesel prices have raised by 5 paise.In Chennai, diesel is costing Rs 7.39 a litre, 5 paise higher than the last prices and petrol is costing Rs 75.85 a litre, according to the website of Indian Oil Corporation or IOC.
In the last seven days, fuel prices have been increased twice. The petrol prices have been increased by Rs 6-8 per litre, whereas the prices have been raised by 7-9 paise per litre across major cities.
The oil prices rallied after the world’s largest economy the US announced its decision of not granting sanction waivers to the Iranian oil importers including India from May 2. The prices fell on Friday after US President Donald Trump urged the OPEC countries to raise the output and reduce the oil prices. Today the Brent crude futures were at $ 71.75 per barrel, 0.55% lower than the previous settlement and US West Texas Intermediate (WTI) crude futures were at $62.94, down by 0.36 points from the last close.
Since the beginning of 2019, there has been a surge in oil prices by more than thirty per cent and in April, the prices have rallied by around 4%. However, the government didn’t announce any major changes in the fuel prices because of the general elections.