Diesel price up 5p to 23p today in India; New Delhi rate over Rs 66 per litre, Chennai, Mumbai see biggest hike
Today, Kolkata saw a gradual hike in diesel price, whereas cities like Mumbai, Chennai witnessed massive ones. Also even share price of New Delhi jumped over Rs 66 per litre.
Diesel price in India today: HPCL, BPCL, IOC share prices gained up to 4 per cent as the oil marketing companies hiked petrol and diesel prices for the first time since April 24 after the conclusion of the Karnataka election voting. Today, Kolkata saw a gradual hike, whereas cities like Mumbai, Chennai witnessed massive raise. Also even share price of New Delhi jumped over Rs 66 per litre. Fuel prices in India were highest in 2014, when international crude oil clocked a peak level of $100 per dollar. Crude oil is buoyant since then, but in 2018, it has once again started trending in the level of four-year highs and touched $76 per barrel.
Rising crude oil, coupled with Indian government ruling out excise duty cuts and various states’ being reluctant in reducing the VAT on fuel prices, has left limited room for OMC to make any relaxation in the price of the product, especially diesel, which is currently at a record high.
Moreover, international crude oil prices on Monday fell away from last week`s multi-year highs as a relentless rise in U.S. drilling activity pointed to increased output, while resistance emerged in Europe and Asia to U.S. sanctions against major crude exporter Iran.
Diesel price in New Delhi: Diesel price in the national capital over Rs 66 per litre-mark for the first time, as the product was available at Rs 66.14 up by 21 paisa compared to previous price of Rs 65.93 per litre.
Diesel price in Kolkata: Diesel price here was valued at Rs 68.68 per litre higher by just 5 paisa as against previous price of Rs 68.63 per litre. Considering the limited room for reduction in diesel prices, Kolkata may soon become the third metro city to touch Rs 69-level.
Diesel price in Mumbai: Shockingly, the diesel price in Mumbai was hiked most among metro cities, as the price has reached to Rs 70.43 per litre-mark, the highest among metro cities. It was up by 23 paisa compared to previous day price of Rs 70.20 per litre.
Diesel price in Chennai: Like Mumbai, similar hike was also made in Chennai. The price of the product stood at Rs 69.79 per litre up by 23 paisa compared to Rs 69.56 per litre of previous day. You may soon pay Rs 70 per litre in this city.
Diesel prices in other state capitals: The product in Bangalore was available at Rs 67.27 per litre, Bhopal at Rs 69.61 per litre, Bhubaneswar at Rs 70.88 per litre, Chandigarh at Rs 64.22 per litre, Dehradun at Rs 66.46 per litre, Gandhinagar at Rs 71.08 per litre, Hyderabad at Rs 71.89 per litre, Jaipur at Rs 70.48 per litre, Lucknow at Rs 66.28 per litre, Patna at Rs 70.78 per litre, Raipur at Rs 71.42 per litre and Srinagar at Rs 69.54 per litre.
Moreover, Brent crude futures were at $76.65 per barrel at 0415 GMT, down 47 cents, or 0.6 percent from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $70.41 a barrel, down 29 cents, or 0.4 percent.
Brent and WTI last week reached their highest since November 2014 at $78 and $71.89 per barrel respectively, as markets expect Iran`s oil exports to fall significantly once U.S. sanctions bite later this year, reported by Reuters.