Petrol and Diesel prices increased for the second consecutive day after the conclusion of Exit Polls for Lok Sabha Elections 2019 wrapped up. Petrol prices rose about 8-10 paise, while diesel rose 15-16 paise across the major cities in India on Tuesday. The rise in fuel prices is attributed to the rise in crude oil prices in the international market.
As per the Indian Oil Corporation data, petrol will now cost Rs 71.17 against yesterday's Rs 71.12 per litre in Delhi, while diesel has climbed to Rs 66.20 per litre.
Brent crude futures, the international benchmark for oil prices, surged to $73 per barrel, up 7 cents, or 0.1 percent, from their last close. Prices were driven up by rising tensions between the United States and Iran.
Oil prices edged up on Tuesday on escalating tensions between the United States and Iran and on signs that producer club OPEC will continue withholding supply this year, Reuters reported.
In Mumbai, petrol prices stood at Rs 76.78 against yesterday's Rs 76.73 per litre, while diesel was at Rs 69.36 per litre.
In Kolkata and Chennai, petrol rates jumped to Rs 73.24 and Rs 73.87 per litre respectively, while diesel stood at Rs 67.96 and Rs 69.97 per litre respectively.
For the first three months of 2019, petrol and diesel prices saw a gradual uptick. Petrol price gained by more than Rs 4 since January 1 in Delhi.
The rates of fuel are revised every day in the morning. The change in domestic fuel prices also depend upon international fuel prices and the value of rupee.
After Saudi energy minister Khalid al-Falih indicated that there was a consensus to continue limited supplies between Opec and allied oil producers, oil prices jumped as much as 1 per cent. OPEC has indicated it was likely to maintain production cuts while escalating Middle East tensions provided further support.
The rise in oil prices come a day after the prediction of Exit Polls for the Lok Sabha Elections 2019 polling.
The India Today-Axis My India poll gave 339-365 seats to the BJP-led NDA. Meanwhile, the Congress-led UPA is expected to bag 77-108 seats and the SP-BSP-RLD combine might secure a victory on 10-16 seats. Others are likely to come on top in 59-79 seats, as per the exit poll. Most exit polls predicted an easy victory for the incumbent BJP-led National Democratic Alliance (NDA), while Congress-led United Progressive Alliance (UPA) is expected to report a significant improvement from 2014's 44 seats.