Petrol and diesel prices have been on a constant rise this week. In Delhi, petrol and diesel rates saw a rise of 25 paise and 70 paise respectively. You need to shell out Rs 87.85 for one litre of petrol whereas one needs to pay Rs 78.03 for a litre of diesel in the national capital.
In Mumbai- India's financial capital, a litre of petrol is selling at Rs 94.36 whereas diesel costs Rs 84.94 per litre. In Kolkata and Chennai, one needs to pay Rs 90.18 per litre and Rs 89.16 per litre for petrol respectively.
Diesel prices have also risen in these cities. A litre of diesel costs Rs 81.61 in Kolkata whereas in Chennai, you need to pay Rs 83.18 per litre for diesel.
State-backed oil marketing companies (OMCs) began hiking fuel rates on January 6 after two month-gap. Since then, petrol prices have risen by Rs 4.14 and diesel prices have gone up by Rs 4.16 in Delhi.
Petrol and diesel rates are hiked in India daily on the basis of international oil prices, taxes and state-wise VAT on fuel. International oil prices dropped on Thursday after a strong rally for nine consecutive days. Brent crude dropped by 40 cents or 0.7 per cent to $61.07 per barrel after reaching its highest since January 2020 on Wednesday on output cuts agreed by the Organisation of Petroleum Exporting Countries (OPEC) and its allies or OPEC+ and COVID-19 vaccine rollout.
US crude fell 35 cents or 0.6 per cent to $58.33 per barrel. Chief global markets strategist at brokerage Axi Stephen Innes told Reuters, "Despite finding support for the large draw in the US crude stockpiles... oil prices couldn't hold into its gains possibly on the expectation that Saudi Arabia could roll back their unilateral February-March production cuts and that OPEC could signal more production coming back online at the March meeting given the sizzling recovery in oil prices. "