Petrol and Diesel prices have hit a high again. Petrol prices are now hovering over four-year peak in the country and diesel is at an all-time high following a rapid rise in international rates led by strong global demand. Petrol is sold for Rs 73.83 a litre in Delhi, Rs. 76.59 in Chennai and Rs 81.69 in Mumbai at Indian Oil pumps.
The prices of non-branded petrol was raised by 10-11 paise per litre in different metro cities while diesel prices were increased by 11-12 paise. Petrol prices were highest since September 2013 in Delhi. In Mumbai and Chennai, prices were highest since July. Diesel was also selling at record prices in all four metro cities of Delhi, Kolkata, Mumbai and Chennai. At Indian Oil outlets, diesel was priced at Rs 64.69 a litre in Delhi and Rs 68.89 a litre in Mumbai.
Crude oil, which collapsed in mid-2014 and has since traded lower, has sharply gained in the past nine months. It’s up 47% since July 1 last year, and has gained about 5% this year. Strong compliance on supply cuts promise by key producers including OPEC members and Russia, and talks about some producers considering extending efforts at draining the global supply glut to next year seem to be pushing up oil prices.
Article Source : Economic Times