The state-run oil marketing companies have hiked the petrol and diesel prices on Friday across Delhi, Mumbai, Kolkata and Chennai. While petrol prices have been raised by 14-15 paise a litre, diesel prices were increased by 16-17 paise a litre. In the national capital, petrol is selling at Rs 71.39 a litre as against the previous rate Rs 71.25 a litre on Thursday, whereas, diesel prices surged to Rs 66.45 a litre from the previous price of Rs 66.29 a litre, according to the Indian Oil Corporation website.
In Mumbai, people need to shell out Rs 77 for one litre of petrol, 14 paise more than the previous rate of Rs 76.86 a litre, while for diesel, they need to spend Rs 69.63 a litre, 17 paise more than the last price of Rs 69.46 a litre. In Kolkata, the petrol prices have been raised by 14 paise to Rs 73.46 a litre. Yesterday, petrol was being sold at Rs 73.32 in Kolkata. Diesel prices have also been hiked by 16 paise to 68.21 a litre. Yesterday, it was selling at Rs 68.05 a litre.
In Chennai, petrol is selling at Rs 74.10 a litre, 15 paise higher than yesterday’s price of Rs 73.95 a litre. The diesel prices have risen by 17 paise to Rs 70.24 a litre. Yesterday, the diesel was selling at Rs 70.07 a litre.
India imports 80 per cent of its oil needs and it is the third largest importer of Iranian oil. The crude oil prices sank around 6 per cent on Thursday, extending fall from the previous sessions, on the back of burgeoning trade tensions between the US and China who could adversely impact the oil demand. Another reason for the fall in crude oil prices is the weakness in economic data from Japan, Germany and the European Union which paint an unpleasant picture of the energy-intensive manufacturing industry. The international benchmark for oil prices, Brent crude futures, was last seen at $68.59 per barrel, 1.22 per cent higher from their previous close, while the US West Texas Intermediate (WTI) crude futures were higher by 1.21 per cent, at $58.61 per barrel from their last close.