New Delhi: Fuel prices witnessed yet another hike on Saturday with petrol being sold at Rs 69.26 per litre in the national capital and Rs 74.91 per litre in Mumbai. The diesel is being sold at Rs 63.10 per litre in Delhi and Rs 66.04 per litre in Mumbai.
While petrol prices witnessed a hike of Rs 19 paise, diesel got costlier by 29 paise in Delhi. In Mumbai, diesel was costlier by 31 paise.
On Friday, the petrol and diesel were sold at Rs 69.07 per litre and Rs 62.81 per litre in Delhi. In Mumbai, petrol was at Rs 74.57 per litre at a hike of 38 paise while diesel was at Rs 65.47 per litre after a hike of 31 paise.
As per the country’s dynamic pricing mechanism, the domestic fuel prices depend upon international fuel prices on a 15-day average and the value of the rupee.
Following the implementation of production cuts by the Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC producers, global crude rates have been hardening and UK Brent crude was trading on Friday close to $62 a barrel after having fallen below $50 last month.
Earlier, the reports suggested that the fresh increase comes after crude oil rates edged higher on Thursday, supported by comments from the US Federal Reserve chairman, but gains were capped as optimism surrounding US-China trade talks faded.
Meanwhile, the Indian Rupee also fell against the US dollar. On Friday, the Indian Rupee was trading 8 paise lower against the US dollar at 70.49.
Petroleum and Natural Gas Minister Dharmendra Pradhan had earlier said that the hike in the prices of petrol and diesel in the country was because of the depreciation in the value of the Indian Rupee against the US dollar.
Last year on October 4, the petrol price had touched a record high of Rs 84 per litre in Delhi and Rs 91.34 in Mumbai. Diesel on that day had peaked to Rs 75.45 a litre in Delhi and Rs 80.10 in Mumbai.
The government had also 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.
(With agency inputs)