The State-run oil marketing companies have cut the petrol prices on Friday, while raised the diesel price on the second consecutive day across Delhi, Mumbai, Kolkata and Chennai.
The State-run oil marketing companies have cut the petrol prices on Friday, while raised the diesel price on the second consecutive day across Delhi, Mumbai, Kolkata and Chennai. In Delhi, while petrol is selling at Rs 71.10 a litre against the previous rate of Rs 71.18 a litre, people need to spend Rs 65.96 a litre for diesel, 5 paise more than the previous rate of Rs 65.91 a litre.
In Mumbai, while the petrol is selling at Rs 76.71 a litre, diesel is being sold at Rs 69.11 a litre. While the petrol prices have been slashed by 8 paise, diesel prices have been hiked by 6 paise. In Kolkata, one litre of petrol is being sold at Rs 73.17 a litre, 8 paise less than the previous price, whereas diesel is selling at Rs 67.71 a litre, 5 paise more than yesterday’s price. In Chennai, while petrol is selling at Rs 73.79, lower by 9 paise, diesel is being sold at Rs 69.72 a litre against the previous price of Rs 69.66.
India imports 80% of its oil needs. The Indian fuel prices are decided depending upon the international fuel prices on a 15-day average and the value of Indian rupee. Yesterday, the US crude oil, WTI rose around 2% to finally settle at $62.87 per barrel. The WTI hit its two weeks high on Thursday. The international benchmark for oil prices, Brent crude futures also soared by 85 cents, or 1.2%, to $72.62. Brent touched its highest level in three weeks earlier in the session.
The oil prices rose on Thursday after the tensions grew in Middle East. Saudi-led coalition. Yesterday, the Saudi-led military coalition in Yemen launched several air strikes on the Houthi-held capital Sana after the Iranian-aligned movement claimed responsibility for drone attacks on Saudi oil installations.
At 0303 GMT, while Brent crude futures were at $73.00 a barrel, up 38 cents, or 0.5%, from their previous close, the US WTI crude futures were at $63.32 per barrel, up 46 cents, or 0.7% from the last close.