Petrol Prices at 55 Month High, Diesel at its Costliest Best

Prices for Petrol and diesel have suddenly touched a new highs due to the increase in global crude oil prices. As per latest news coming in on Fuel Prices Petrol was costlier by 1 paisa today, while diesel has gone up by 4 paise.

As per latest trend the retail price of petrol per litre in Delhi is now Rs 74.08 making it the highest pricing for petrol since September 2013. Prices for petrol in other cities per litre – Kolkata at Rs. 76.78, Mumbai at Rs. 81.93, and Chennai stands at Rs 76.85 respectively. The diesel price per litre in Delhi is at a record high of Rs 65.31, while the rates in the cities of Kolkata, Mumbai, and Chennai is at Rs 68.01, Rs 69.54 and Rs 68.90 respectively.

The reason behind this sudden hike in fuel prices is due to the Oil prices internationally currently standing at their highest since late 2014 mainly due to fall in global supply of crude oil. Brent crude futures were trading at a steady rate of $73.78 a barrel. Other reasons for the rise could be the possibility of America reimposing sanctions on Iran, the OPEC’s third-largest producer could reduce the supply further.

Incidentally Petrol prices have gone up by Rs 4 per litre since January this year, on the other hand Diesel prices have gone up by Rs 5-6 per litre during the same period. A comparison between the prices (in Rupees) per litre of non-branded petrol and diesel in the last two days.