Marginal hike in fuel prices; diesel being sold at Rs 66 per litre in Delhi, Rs 69.11 in Mumbai, petrol price unchanged

NEW DELHI: There was a marginal hike of 0.10 paise in diesel prices on Sunday while the petrol price remained unchanged in Delhi and Mumbai.

According to news agency ANI, the diesel price witnessed an increase of 0.10 paise, costing Rs 66 per litre in Delhi and Rs 69.11 per litre in Mumbai respectively. 

Diesel prices at Rs. 66/litre (increase by Rs 0.10) in Delhi & Rs. 69.11/litre (increase by Rs. 0.10) in Mumbai. Petrol prices remain the same. pic.twitter.com/AaGgdIVKZF

— ANI (@ANI) January 27, 2019

Notably, the marginal rise in fuel prices comes amidst the revision of global crude oil prices owing to a possible stifling of supply in the near future. 

The fuel prices went further up on Wednesday as petrol was retailed at Rs 71.27 per litre and diesel at Rs 65.90 per litre in the national capital. In Mumbai, petrol and diesel were retailed at Rs 76.90 per litre and Rs 69.01 per litre respectively.

While petrol price increased by Rs 0.13, diesel price increased by Rs. 0.19 in Delhi. On the other hand, the petrol price in Mumbai increased by Rs. 0.13 while diesel price increased by Rs. 0.20.

The rise in prices comes amidst the revision of global crude oil prices owing to a possible stifling of supply in the near future. Fuel prices had touched its peak in India on October 4.

Prices had started to climb from August 16. Petrol in Delhi was priced at Rs 77.14 and in Mumbai at Rs 84.58 per litre on August 15. Diesel on that day was priced at Rs 68.72 per litre in Delhi and Rs 72.96 in Mumbai.

Between August 16 and October 4, petrol price was hiked by Rs 6.86 per litre and diesel by Rs 6.73. On that day, the government decided to cut excise duty on petrol and diesel by Rs 1.50 per litre each and asked state-owned fuel retailers to subsidise the price by another Re 1 a litre by reducing their margins.

The retail selling price of petrol and diesel is dependent on the international prices of benchmark fuel and the rupee-US dollar exchange rate. This is because a large proportion of the country's requirement is met through imports.