Petrol prices up by 60 paise per litre in four days

Amid soaring crude oil rates, petrol prices have witnessed a whopping rise of 60 paise per litre in the past four days. Diesel prices have increased by 10 paise in as many days, a development that could send food prices northward.

On Monday, diesel prices, however, saw a 6 paise per litre cut.

This is the fourth day of increase in petrol prices. In National capital Delhi, the pump price of petrol was Rs 73.20 per litre, up from Rs 72.80 on Thursday night. Diesel was selling at Rs 65.85 per litre in Delhi, according to data from Indian Oil Corporation.

Petrol prices in Bangalore on Monday were at Rs 75.70 per litre while that of diesel were at Rs 68.09 per litre. Petrol prices were highest in Mumbai at Rs 78.87 per litre, while diesel were sold at Rs 69.07 per litre. In Chennai, petrol was at Rs 76.08 per litre and, in Kolkata, at Rs 75.91 a litre.

Currently, the prices of petrol and diesel are reviewed by state-run oil marketing companies on a daily basis, and the revision is implemented at fuel stations with effect from 6 am.

There has been a 1.3 percentage point rise in the global crude prices in the past one week. However, on Friday, the prices were down by o.6 percentage points to trade at $62.12 billion per barrel.

Analysts said crude oil prices drop was weighed down by lingering uncertainty about how close the United States and China were to a trade deal and rising US crude inventories. OPEC Secretary-General Mohammad Barkindo said that he was more optimistic about the outlook for 2020 as he downplayed a need to cut output more deeply.

US crude oil stockpiles rose sharply last week as refineries cut output and exports dropped, according to Energy Information Administration said.