Petrol, diesel to become costlier due to surge in crude oil prices: Domestic fuel rates in the country are going to experience a hike after staying at stable rates for more than a month as now the international crude oil prices have increased by a rate of $5 a barrel in a time span of a week on hopes of instant resolution to the US-China trade war, the supply is cut-down by the Organisation of the Petroleum Exporting Countries (OPEC), as United States sanctions against Venezuela and Iran.
The price of diesel and petrol was Rs 66.11 per litre and 70.91 per litre, respectively in Delhi on Monday. Since the 10th of February, the petrol prices increased by 63 paise and diesel prices increased by 55 paise per litre. State oil companies revise the domestic prices of petrol and diesel on a daily basis based on the average rates of the respective fuels in the international market and the rate of exchange is also considered.
Crude oil prices suffered a rise of $66.7 a barrel on 18th of February 2019 which is the highest hike in the price since November but it decreased to $66.08 in a few hours.
5 things you need to know about petrol and diesel price today:
The petrol prices in Chennai were Rs 73.72 per litre and the price of diesel was Rs 69.91 per litre
Petrol and diesel completely depend on the rates of rupee-dollar in the forex market and crude oil
The global crude oil prices have declined by 23.3 per cent since October.
The rupee lost its value by 2.3 per cent so far un this year.
The petrol price in Mumbai was Rs 76.64 per litre and for diesel, it was 69.30 per litre.