A day after the final phase of polling in the Lok Sabha Elections, petrol and diesel prices were increased on Monday. On Tuesday also, the state-owned oil marketing companies or OMCs increased petrol and diesel prices by as much as 5 paise and 10 paise per litre, respectively. While petrol prices rose by 8-10 paise on Monday, OMCs increased rates of petrol across the country by five paise per litre on Tuesday. The price of a litre of petrol in New Delhi is now Rs 71.17 while it is retailing for Rs 76.78 in Mumbai.
Similarly, oil companies increased rates of diesel by at least 15-16 paise yesterday and followed it up with a 9-10 paise rise today. A litre of diesel in the national capital has now gone up to Rs 66.20 per litre while the rate in Mumbai has increased to Rs 69.36.
Industry experts believe this is only the first of many hikes in the prices of diesel and petrol in the coming days as OMCs look to pare losses.
Crude oil prices edged up 0.23 per cent to Rs 4,426 per barrel in futures trade Monday as speculators widened their bets in tandem with a firm trend overseas.
On the Multi Commodity Exchange, crude for delivery in May contracts was up by Rs 10, or 0.23 per cent, to Rs 4,426 per barrel in a business turnover of 13,904 lots.
Analysts said the rise in crude oil futures was largely due to raising of bets by participants in the domestic markets.
Globally, the oil prices were upbeat as members of Saudi Arabia-led Opec in a meeting on Sunday in Jeddah signalled an output cut by the end of the year allaying fears of supply glut, according to reports.
Meanwhile, West Texas Intermediate crude prices were trading up 1.31 per cent to $63.58, while Brent, used to price international oils, was up 1.40 per cent at $73.22 a barrel on the New York Mercantile Exchange.