Continuing its trend upwards, the petrol prices in New Delhi here on Monday witnessed a significant hike of 1.02 rupees per litre while diesel became costlier by 26 paise per litre.
Petrol in Delhi now costs Rs 71.14 per litre while diesel rate touched Rs 65.71 per litre. On Sunday, petrol was sold at Rs 70.12 per litre and diesel at Rs 65.45 per litre.
Fuel prices in Mumbai rose only slightly with petrol getting costlier by 0.19 paise per litre. Diesel in the financial capital of the country was being sold at Rs 68.81 per litre.
Following the latest fuel price hike, petrol rate in Mumbai, Kolkata, and Chennai touched Rs. 76.58, Rs. 73.05, and Rs. 73.65 respectively. Meanwhile, diesel in Mumbai, Kolkata, and Chennai now costs Rs. 68.53, Rs. 67.23, and Rs. 69.14 respectively.
Due to the dynamic pricing mechanism in India, domestic fuel prices fluctuate according to global fuel prices on a 15-day average and the rupee value.
After the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC producers implemented output cuts, the global crude oil rates have been on the rise. Over the weekend, the international benchmark Brent crude oil closed at over $62/barrel after slipping to below $50 in December.