Petrol and diesel prices witnessed a marginal rise on Thursday after remaining steady for two consecutive days across major cities following hikes on Monday. In national capital Delhi, a litre of petrol cost Rs 70.39 while diesel was retailing at Rs 65.67 a litre.
In Mumbai, petrol and diesel were retailing at Rs 76.03 a litre and Rs 68.76 per litre, respectively. Petrol was retailing at Rs 72.50 per litre and diesel at Rs 67.45 a litre in Kolkata.
People in Chennai have to shell out Rs 73.06 for a litre of petrol while diesel retailed at Rs 69.37 per litre. In Noida and Gurugram, petrol was priced at Rs 70.30 and Rs 71.27, respectively. Similarly, diesel in these two cities were priced at Rs 64.89 and Rs 65.44, respectively on Wednesday. In Faridabad, the prices were Rs 65.65 a litre for diesel and Rs 71.48 a litre for petrol.
The fuel prices have been hiked 15 times so far this calendar year, and lowered 13 times. The retail petrol, diesel prices were raised on Monday and petrol became costlier by 5 paise across major cities of the country while diesel became dearer by 6-7 paise per litre, as per data available with Indian Oil Corporation website. Global crude oil prices have declined about 28 per cent since the October high of $86.74 a barrel. However, Brent futures - the global benchmark for crude oil - have risen about 16 per cent so far in 2019.
Because of the daily dynamic pricing regime, the retail fuel prices depend on global crude prices on a 15-day average, besides and the rupee-US dollar exchange rate as India imports 80 per cent of its crude requirements.
On Tuesday, in the international oil market, crude prices went up amid OPEC-led supply cuts and US curbs against Iran and Venezuela. International Brent crude oil futures were trading at $62.01 per barrel, up 50 cents, or 0.8 per cent, from their last close.