Fuel prices see hike for eighth consecutive day

Tuesday saw fuel prices going up for the eighth consecutive day.

In the last eight days, there has been an increase of around Rs 2 per litre of petrol and around Rs 1 per litre of diesel. This is one of the sharpest hikes in the past two years.

One litre of petrol in Bengaluru now costs Rs 76.67, a hike of 23 paise. A litre of diesel is priced at Rs 69.36 after a hike of 15 paise.

In Delhi, the price of petrol rose by 22 paise for a litre on Tuesday and diesel by 14 paise per litre.

The cost of petrol is Rs 74.13 in Delhi, Rs 79.79 in Mumbai and Rs 77.06 in Chennai. The cost of diesel in Delhi is Rs 67.07, Rs 70.37 in Mumbai and Rs 77.91 in Chennai.

One of the major reasons behind the rise of fuel prices is the tension in the Middle East following the drone attack on Saudi Aramco. The attack has disrupted about five per cent of the global supply of oil.

The ongoing US-China trade war is also seen as one of the major contributors for the rise in oil price.

Another reason for the price hike is attributed to the weakening of the rupee. In the year so far, the rupee has weakened by 1.5 per cent.