Diesel price touches new heights in India, remains mute for last 2 weeks

Diesel price in India today: Fuel prices in India were highest in 2014, when international crude oil clocked a peak level of $100 per dollar. The crude oil is buoyant since then, but in 2018, it has once again started trending in the level of four-year high on Monday, as the global oil prices touched $70 per barrel. Rising crude oil, coupled with Indian government ruling out excise duty cut 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. The  prices today were kept unchanged for two weeks in view of the upcoming Karnataka polls, scheduled on May 12. 
 
There has been massive increase in diesel prices, which is why, metro cities and other state capitals have touched record highs, especially Mumbai, where it stood over Rs 70 per litre mark, and Kolkata and New Delhi may also see prices at Rs 69 per litre and Rs 66 per litre mark respectively.
 
Diesel price in New Delhi: Diesel price in the national capital has neared to Rs 66 per litre-mark, as the product was available at Rs 65.93.
 
Diesel price in Kolkata: Diesel price here was valued at 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 has reached to Rs 70.20 per litre-mark, the highest among metro cities.
 
Diesel price in Chennai: This city is also witnessing Rs 69-per litre mark after Mumbai. The price of the product stood at Rs 69.56 per litre.
 
Diesel prices in other state capitals: The product in Bangalore was available at Rs 67.05 per litre, Bhopal at Rs 69.38 per litre, Bhubaneswar at Rs 70.75 per litre, Chandigarh at Rs  64.01 per litre, Dehradun at Rs  66.22 per litre, Gandhinagar at Rs 70.81 per litre, Hyderabad at Rs  71.63 per litre, Jaipur at Rs  70.25 per litre, Lucknow at Rs 66.05 per litre, Patna at Rs 70.57 per litre, Raipur at Rs 71.20 per litre and Srinagar at Rs 69.24 per litre.
 
Moreover, on Monday, Brent crude oil futures were at $75.71 per barrel, up 84 cents, or 1.12 percent from their last close at 0416 GMT after climbing to $75.89 a barrel earlier in the session, its highest since November 2014.
 
US West Texas Intermediate (WTI) crude futures rose 0.95 percent to trade at $70.39 per barrel, up 66 cents from their last settlement.
 
According to Reuters report, US oil prices rose above $70 a barrel on Monday for the first time since November 2014 while Brent crude prices climbed to fresh highs, as a deepening economic crisis in Venezuela threatened the country`s already tumbling oil supplies.