The oil marketing companies have once again raised the prices of petrol and diesel across the four metro cities. Today's petrol price in New Delhi is Rs. 76.31, in Kolkata Rs 79.20, in Mumbai Rs 83.76, and in Chennai Rs 79.26. In all the metro cities petrol price was hiked by 6 paise.
Diesel price too witnessed a hike of 7 paise in all four metro cities. Today's diesel rate in New Delhi is Rs 67.82, Kolkata Rs 70.58, Mumbai Rs 72, and Chennai Rs 71.62.
After keeping the fuel prices unchanged on Sunday, the OMCs hiked the petrol price the next day in the four metro cities by 9 paise each. The rate hike came after 15 days of constant price cut. From July 15 to July 29, petrol price came down by 79 paise and diesel fell by 99 paise per litre.
The fuel prices in India are determined by the rates of crude oil in international market. The recent hike in petroleum prices in India has come after crude oil in global market has headed upwards - in a fortnight, crude prices went up by USD 3 per barrel.
In May, petrol and diesel prices hit a record high due to rise in international crude oil cost. However, the crude prices witnessed a marginal cut later after Saudi Arabia and Russia announced that they were willing to lift supply curbs that had pushed crude prices to their highest since 2014.
Last year, the organization of the petroleum exporting countries and Russia had decided to cut the supply to prop up the prices that had fallen to their lowest in more than a decade.
In June, OPEC agreed with Russia and other oil-producing allies to raise output from July. Saudi Arabia also pledged a "measurable" supply boost but gave no specific numbers.
Earlier this year, India had asked the world's largest oil producer Saudi Arabia for a reasonable oil pricing that balances the interest of producer and consuming nations. Petroleum Minister Dharmendra Pradhan said that India is a price sensitive market and so "we must get reasonable price for crude oil and LPG" imported from the OPEC nation.
Saudi Arabia is India's second biggest source of crude oil after Iraq.