There seems to be no respite in sight for the rising prices of Petrol and Diesel. On Tuesday, the price of petrol increased by 5 paise and diesel by 12 paise across all major cities.
As per the information available on the Indian Oil Corporation website, post the surge, petrol now costs Rs 75.74 a litre in Delhi, Rs 78.33 a litre in Kolkata, Rs 81.33 a litre in Mumbai and Rs 78.69 a litre in Chennai.
Diesel, on the other hand, costs Rs 68.79 a litre in Delhi, Rs 72.14 a litre in Mumbai, Rs 71.15 a litre in Kolkata and Rs 72.69 in Chennai.
Ever since the onset of 2020, the prices of petrol and diesel have been witnessing an upward trend. In the first seven days this year, the cumulative increase in the price of petrol has been 60 paise while that of diesel by 83 paise.
The tension in the Middle East is pushing the price of Crude oil in the international markets. The tension started brewing when US confirmed assassination of Iranian commander Qassem Soleimani. There were even speculations being made that this incident may trigger World War III. All these resulted in the price of crude oil to over $70 a barrel mark on Monday. However, situations is looking more in control now and it is expected that this may ease of the price for a while.
The price at which petrol and diesel will retail on a particular day is decided by oil marketing companies after reviewing all aspects on a daily basis. The revisions if any are implemented at fuel stations from 6 am.