Fuel prices were hiked for the fourth consecutive day on Sunday with petrol prices up by as much as 49 paise in the national capital while diesel prices witnessing a 59 paise hike. In Delhi, petrol was retailing at Rs 69.75 per litre after today's price revision while diesel was priced at Rs 63.69 per litre. In Mumbai, petrol crossed the Rs 75-mark and settled at Rs 75.39 a litre, while diesel was retailing at Rs 66.66 per litre. In Kolkata, a litre of petrol was priced at Rs 71.87 a litre whereas diesel price went up to Rs 65.46 a litre. In Chennai, prices of petrol and diesel were Rs 72.39 and Rs 67.25 a litre, respectively.
The NCR cities of Noida, Gurugram and Faridabad also witnessed hikes in the prices of fuel. In Noida, prices of petrol and diesel were Rs 69.77 and Rs 63.17 a litre, respectively. Petrol was retailing at Rs 70.80 in Gurugram and Rs 71.02 a litre in Faridabad, respectively. While diesel was priced at Rs 63.78 in Gurugram Rs 64 in Faridabad, respectively.
Major PSUs have been increasing fuel prices despite a dip in global oil prices by as much as 2 percent on Friday. Fuel prices are being increased considering solid weekly gains posted by global crude prices. All major crude oil benchmarks fell on Friday while Brent Crude oil was trading at $60.48 per barrel, a 1.95% loss. Despite Friday's price fall, Brent crude is set for weekly gains of more than 7 per cent. US West Texas Intermediate (WTI) crude futures were down $1 to settle at $51.59 a barrel, or 1.9 per cent.
It may be noted that the recent fall in the value of rupee against the US dollar has offset gains from the falling crude oil prices. The rupee has fallen over 3 per cent in the last few days. The crude prices have fallen by over 30 per cent since early October last year when it was at USD 86 per barrel, making a forecast of $100 crude by January look true. The twin factors, therefore, have brought down retail fuel rates to two-month low. Retail fuel prices in India depend on both international oil price and the rupee-dollar exchange rate. Also, the pump price of petrol and diesel is dependent on the global rates of benchmark fuel and the rupee-US dollar exchange rate.