Petrol and diesel prices were hiked in metros on Monday, with diesel remaining costlier than petrol in Delhi. The latest increase was followed by a day's pause in rates, following about three weeks of daily hikes in the fuel prices ever since state-owned oil companies returned to the normal practice of daily reviews following a 12-week hiatus. In the national capital, the price of petrol was increased to Rs 80.43 per litre with effect from 6 am from Rs 80.38 per litre, and the rate of diesel was raised to Rs 80.53 per litre from Rs 80.40 per litre, according to notifications from state-run Indian Oil Corporation, the country's largest fuel retailer. (Also Read: How To Find Latest Petrol, Diesel Rates In Your City).
Here are the latest petrol and diesel prices in metros (in rupees per litre):
| City | Petrol | Diesel |
|---|---|---|
| Delhi | 80.43 | 80.53 |
| Kolkata | 82.10 | 75.64 |
| Mumbai | 87.19 | 78.83 |
| Chennai | 83.63 | 77.72 |
| (Source: Indian Oil) | ||
However, the prices of petrol continued to be much higher than diesel in Kolkata, Mumbai and Chennai.
On June 7, state-run oil marketing companies Indian Oil, Hindustan Petroleum and Bharat Petroleum - which account for the majority of petrol and diesel outlets in the country - restarted the normal system of daily price reviews in line with costs following an 82-day hiatus.
Domestic petrol and diesel prices are determined broadly by crude oil and forex rates, and vary from state to state due to value added tax (VAT).
Crude oil prices settled lower on Friday as new coronavirus cases spiked in the United States and China, and on growing concerns about rising US output ticking up while crude stockpiles sat at record highs. Brent crude futures - the global benchmark for crude oil - settled down 3 cents at $40.91 per barrel, falling 1 per cent on the week.
Global oil rates have regained some ground from March lows as the easing of restrictions on transport and industrial activity to curb the spread of the coronavirus pandemic boosted fuel demand around the globe. Brent crude futures had hit a 21-year low of $15.98 per barrel in April.
The rupee ended nearly unchanged at 75.64 against the dollar on Friday, but registered a gain of 55 paise - or 0.72 per cent - for the week.
