Petrol, Diesel Prices Hiked Across Metros
Oil-marketing companies increased the prices of petrol and diesel across the four metro cities on Sunday. Petrol is priced at Rs. 72.92 per litre in New Delhi, Rs. 74.94 per litre in Kolkata,Rs.78.49 per litre in Mumbai and Rs. 75.68 per litre in Chennai, according to state-run Indian Oil Corporation's (IOC) website, iocl.com. Petrol prices were hiked by 6 paise in all the metros. Diesel rates stood at Rs. 66.26 per litre in New Delhi, Rs. 68.00 per litre in Kolkata, Rs. 69.35 per litre in Mumbai and Rs. 69.96 per litre in Chennai. Diesel prices were hiked by 7 paise in Delhi, Kolkata and Chennai, while it was increased by 8 paise in Mumbai.
State-run oil marketing companies Indian Oil, Bharat Petroleum and Hindustan Petroleum revise fuel prices with effect from 6 am on a daily basis. As per the daily dynamic pricing regime, domestic fuel prices depend on international fuel prices on a 15-day average, besides the value of the rupee. This is because a large proportion of country's requirement is met through imports.
Meanwhile, the rupee on Friday closed 25 paise lower against the US dollar but managed to finish the week on a higher note. The domestic currency ended at 69.17. Globally, Brent crude oil futures rose 72 cents, or 1.02 per cent, to settle at $71.55 a barrel. US West Texas Intermediate (WTI) crude futures ended the session up 31 cents, or 0.5 per cent, at $63.89 a barrel. Both benchmarks notched a weekly gain of about 1 per cent, which was Brent's third consecutive week of gains and the sixth straight rise for WTI, reported news agency Reuters.