Petrol prices were hiked by 10-11 paise per litre today, and diesel rates by 17-20 paise per litre in the four metro cities Delhi, Kolkata, Mumbai and Chennai. Effective 6 am, January 9, 2018, petrol prices were at Rs. 70.53 per litre in Delhi, Rs. 73.27 per litre in Kolkata, Rs. 78.42 per litre in Mumbai and Rs. 73.12 per litre in Chennai, according to Indian Oil Corporation’s website – iocl.com. Diesel rates were at Rs. 60.66 per litre, Rs. 63.32 per litre, Rs. 64.48 per litre and Rs. 63.92 per litre respectively.
|Petrol (Rs. per litre)|
|Diesel (Rs. per litre)|
Petrol prices have been raised by 55-59 paise per litre and diesel rates by Rs. 1.02-1.21 per litre in the four metros so far this month.
Oil marketing companies Indian Oil Corporation (IOCL), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) revise the rates based on global oil prices and foreign exchange rates.
Global crude oil prices have surged to their highest since May 2015, as political concerns in some OPEC nations offset projections for higher US oil production. Brent crude added 44 cents, or 0.7 per cent, to trade at $68.22 today. OPEC-led production cuts, a weak dollar and a tighter market are among the factors that have contributed to a rise in global crude oil prices.
The OMCs adopted a daily revision system for petrol and diesel prices on June 16 last year.
Previously, petrol and diesel rates were reviewed on a fortnightly basis across the country.