Oil Marketing Companies (OMCs) raised the retail prices of petrol and diesel across the nation today, the seventh such hike in the current month alone, in line with the rise in global crude prices.
Indian Oil Corporation (IOC), the nation’s largest fuel retailer, hiked petrol prices in Delhi by six paise while diesel rates were increased by seven paise per litre, pushing the prices of the two automobile fuels to Rs 76.59 and Rs 68.30 per litre, respectively.
Cumulatively, fuel prices in the national capital have witnessed an increase of Rs 1.04 per litre for petrol and 92 paise for diesel since 5 July after falling in June.
The price of petrol sold in other cities -- Mumbai, Kolkata and Chennai -- also increased to Rs 83.97, Rs 79.49 and Rs 79.26 per litre respectively today. Diesel prices in Mumbai, Chennai and Kolkata touched Rs 72.47, Rs 72.10 and Rs 70.85 per liter, respectively.
Global benchmark Brent crude prices have hovered between $73 per barrel and $79 per barrel since 1 June on the back of increased market volatility due to economic sanctions imposed on Iran, OPEC's decision to increase production and the ongoing trade war between the United States and China.
The retail prices of fuel in Delhi had hit an all-time high of Rs 78.43 per litre for petrol and Rs 69.31 per litre for diesel on 30 May but were reduced later.