Petrol and diesel prices were hiked by 48-63 paise per litre on Sunday. That marked the fourth consecutive hike in domestic fuel prices, and the fifth overall so far this year. The upwards price revision comes on the back of a recovery in crude oil prices in anticipation of tightening supply ahead, say analysts. Currently, oil marketing companies in the country revise the domestic prices of petrol and diesel on a daily basis, in line with the movement in international crude oil and rupee-dollar forex rates.
With effect from 6 am on January 13, petrol prices were at Rs 69.75 per litre in Delhi, Rs 71.87 per litre in Kolkata, Rs 75.39 per litre in Mumbai and Rs 72.39 per litre in Chennai, according to Indian Oil Corporation - the country's largest fuel retailer. Diesel prices stood at Rs 63.69 per litre, Rs 65.46 per litre, Rs 66.66 per litre and Rs 67.25 per litre respectively.
Besides Sunday's hike, petrol and diesel were hiked on January 7, January 10, January 11 and January 12. The hike on January 13 was the steepest so far this year.
Global crude oil rates have gained strength after the implementation of production cuts by top producers, recovering from levels below $50 a barrel registered last month.
Brent crude futures - the international benchmark for crude oil - dropped by $1.2 to settle nearly 2 per cent lower at $60.48 a barrel on Friday. The global crude benchmark had the previous day logged its first nine-day rally since September 2007.