Petrol, diesel prices today: Petrol and diesel prices have surged to over two-month high even as crude oil prices have fallen, data shows, amid weakening rupee. Petrol price in Delhi on Monday was Rs 77.49 a litre, highest since June 7, while prices in other cities were: Rs 84.91 a litre in Mumbai; Rs 80.50 a litre in Chennai; Rs 80.43.
Diesel price in Delhi was Rs 69.04, highest since June 3. Prices in other cities were: Mumbai Rs 73.30 a litre; Chennai 72.93 a litre; Kolkata Rs 71.88 a litre. Petrol and diesel prices were hiked by about 9-18 paise and 8-13 paise respectively.
Meanwhile, Brent crude oil and US West Texas Intermediate (WTI) prices on Monday were down 24 cents each at $71.59 per barrel and $65.7 per barrel. However, crude oil is likely to be under pressure, analysts say, due to sanctions imposed by the United States on Iran, third-biggest producer of the Organization of the Petroleum Exporting Countries (OPEC).
Political slugfest had broken out in the month of May when fuel prices touched a new high every day on the back of rising crude oil prices. While opposition demanded reduction in fuel taxes for controlling prices, the government did not react to the mounting pressure.
The fuel prices, then, fell dramatically for about next 20 days after touching lifetime highs on May 29 as the OPEC decided to increase crude oil supply by 1 million barrels a day to control spiralling crude oil prices. Crude oil prices, although remained volatile, came down about $10 a barrel.
India deregulated fuel prices in India in 2010, which means that oil companies decide the prices of petrol and diesel prices in the country taking into account various factors such as international crude oil price and exchange rate among others.
From June 16 last year, the oil companies started daily revision of prices instead of fortnightly in tandem with the international practices. The oil companies revise prices between 1 paisa and 45 paise depending on decisive factors.