The state-owned oil companies like Indian Oil Corp Limited (IOCL), Hindustan Petroleum Corp Limited (HPCL) and Bharat Petroleum Corp Limited (BPCL) on Monday, decided to increase diesel prices by 2 paisa to 3 paisa per litre each in various state capitals of India. This was despite global crude oil prices witnessing a drop during the day, as  increased drilling in the United States pointed to more output, raising concerns about a return of oversupply. Diesel prices are going in the opposite direction compared to petrol, as the latter today saw a decline of 1 paisa per litre each in various state capitals. 
 
Diesel price in New Delhi: Diesel price in the national capital was up by 2 paisa and was available at Rs 62.73 per litre compared to Rs 62.71 per litre of the previous day. 
 

 
Diesel price in Kolkata: Similarly, 2 paisa hike was made here as diesel was available at Rs 65.42 per litre against Rs 65.40 per litre of the previous day. 
 

 
Diesel price in Mumbai: Diesel here was increased by much higher rate compared to other state capitals, as diesel was valued at Rs 66.81 per litre, up by 2 paisa, versus previous day price of Rs 66.78 per litre. 

COMMERCIAL BREAK
SCROLL TO CONTINUE READING


 
Diesel price in Chennai: Diesel price in Chennai saw a surge of 2 paisa, and was available at Rs 66.14 per litre from Rs 66.12 per litre of previous day. 
 

 
Diesel prices in other state capitals: Other key cities also saw reduction in their diesel prices. The product in Bangalore was available at Rs 63.78 per litre, Bhopal at Rs 66.19 per litre, Bhubaneswar at Rs 67.29 per litre, Chandigarh at Rs 60.89 per litre, Dehradun at Rs 63.38 per litre, Gandhinagar at Rs 67.55 per litre, Hyderabad at Rs 68.15 per litre, Jaipur at Rs 67.12 per litre, Lucknow at Rs 63.22 per litre, Patna at Rs 67.31 per litre, Raipur at Rs 67.77 per litre and Srinagar at Rs 66.06 per litre. 
 

 
Moreover, US West Texas Intermediate (WTI) crude futures were at $62.03 a barrel at 0248 GMT, down 31 cents, or 0.5%, from their previous close. Also Brent crude futures were at $65.88 per barrel, down 33 cents, or 0.5%.
 
Monday`s price falls in part reversed increases of the last Friday, which came on concerns over tensions in the Middle East, said Reuters report. 
 
As per the report, on a simple supply versus demand basis, oil markets are facing the possibility of a renewed glut after being in a slight deficit for much of last year.
 
"US drillers added four oil rigs in the week to March 16, bringing the total count to 800, the weekly Baker Hughes drilling report said on Friday," the report added.