Petrol, Diesel Prices Continue To Soar. Latest Rates In Top Cities

Petrol and diesel prices continued their upward movement on Wednesday amid rising global crude prices. Petrol prices across Delhi, Kolkata, Mumbai and Chennai were hiked by 11-13 paise per litre while diesel prices increased by 18-19 paise per litre, according to Indian Oil Corporation. Effective 6 am, January 17, 2018, petrol retailed at over three-year high of Rs 71.39 per litre in Delhi. Petrol retailed at Rs 74.11 per litre in Kolkata, Rs 79.27 per litre in Mumbai and Rs 74.02 per litre in Chennai, according to the IOC website - iocl.com. Diesel rates were at Rs 62.06 per litre in Delhi, Rs 64.72 per litre in Kollkata, Rs 66.09 per litre in Mumbai and Rs 65.42 per litre in Chennai respectively.

In the national capital, the diesel price is at a record high while petrol price is the highest since August 2014.
 

	Petrol (Rs per litre)
	17-Jan	16-Jan	31-Dec	1-Jun-17
Delhi	71.39	71.27	69.97	66.91
Kolkata	74.11	74	72.72	69.52
Mumbai	79.27	79.15	77.87	78.44
Chennai	74.02	73.89	72.53	69.93
	Diesel (Rs per litre)
Delhi	62.06	61.88	59.64	55.94
Kolkata	64.72	64.54	62.3	58.28
Mumbai	66.09	65.9	63.27	61.67
Chennai	65.42	65.23	62.83	59.22
(Source: iocl.com)

From June 16, 2018, oil marketing companies - Indian Oil, HPCL and BPCL - adopted a new system of daily fuel price revisions, effective 6 am every day. Since their shift to daily revisions, petrol prices in Delhi, Kolkata, Mumbai and Chennai have gone up by Rs 0.83-4.59 per litre while diesel rates have risen by Rs 4.42-6.44 per litre.

So far this year, with Wednesday's revision, petrol prices have gone up by Rs 1.42 per litre in Delhi, Rs 1.39 per litre in Kolkata, Rs 1.4 per litre in Mumbai and Rs 1.49 per litre in Chennai. Diesel prices have soared by Rs 2.42 per litre, Rs 2.42 per litre, Rs 2.82 per litre and Rs 2.59 per litre respectively.

"OPEC's efforts to cap the oil output are resulting in the positive momentum in oil prices. US oil inventories have been consistently falling since October 2017 to Jan 2018, and the oil inventories have fallen by 45 million barrels in the same time frame," said Prathamesh Mallya, chief analyst-non-agri commodities currencies at Angel Commodities Broking.

Comments

Domestic fuel prices are mostly determined by global crude prices and the dollar-rupee exchange rate. In the international market, crude oil prices pulled back from three-year highs on Wednesday, as traders booked profits but healthy demand underpinned prices near $70 per barrel, a level not seen since the market slump in 2014.

A weaker dollar and expectations of stronger global economic growth has also pushed oil prices higher.