Petrol prices were increased by 7-8 paise per litre while diesel rates were slashed by 10-11 paise per litre across Delhi, Mumbai, Kolkata and Chennai on Friday, according to state-run Indian Oil Corporation’s official website – iocl.com. Currently, the domestic prices of petrol and diesel vary from state to state, and are reviewed by oil marketing companies such as Indian Oil, Bharat Petroleum and Hindustan Petroleum on a daily basis. Any revisions are implemented at the fuel stations from 6 am.

With effect from 6 am on March 15, the price of petrol was at Rs 72.55 per litre in Delhi and Rs 78.17 per litre in Mumbai, according to Indian Oil Corporation. The diesel rates were at Rs 67.22 per litre and Rs. 70.42 per litre respectively. 

In Kolkata, the prices of petrol and diesel were at Rs 74.63 per litre and Rs 69.01 per litre respectively. In Chennai, the prices were at Rs 75.53 per litre and Rs 71.04 per litre respectively, according to Indian Oil, the country’s largest fuel retailer.

Petrol and diesel prices are determined broadly by the rates of crude oil overseas and rupee-dollar rate in the forex market. This is because a large proportion of country’s requirement is met through imports.

The rupee appreciated by 20 paise to 69.14 against the dollar in opening trade on Friday.

Oil prices were firm on Friday amid production cuts led by OPEC and as US sanctions against Venezuela and Iran likely created a slight deficit in global supply in the first quarter of 2019. Brent crude oil futures were at $67.27 per barrel at 0425 GMT or 9:55 am IST, 4 cents above their last close, and within a dollar of the $68.14 2019-high reached the previous day.

(With inputs from agencies)

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