New Delhi : The possibility of getting relief from the inflation of petrol and diesel is not being seen for now due to the rise in the price of crude oil in the international market. Oil marketing companies have been raising prices of petrol and diesel every day for the last 16 days. Petrol has reached close to Rs 80 per liter in 16 days in Delhi, while the price of diesel is also close to Rs 79 per liter. The price of Brent crude, the benchmark crude oil in the international market, has increased by 18 percent in the last one month. Market experts say that OPEC and allied countries likely to cut oil production further in July may support prices further.
Oil marketing companies of the public sector on Monday raised petrol price in Delhi by Rs 79.56/litre (increase by Rs 0.33) and Rs 78.85/litre (increase by Rs 0.58), respectively in Delhi today.
Petrol and diesel prices at Rs 79.56/litre (increase by Rs 0.33) and Rs 78.85/litre (increase by Rs 0.58), respectively in Delhi today.
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Earlier on Sunday, companies had increased the price of petrol by 35 paise per liter and diesel by 60 paise per liter. According to the website of Indian Oil, the price of petrol in Delhi has increased from Rs 79.23 to Rs 79.56 per liter on Monday. At the same time, the price of diesel has increased from Rs 78.27 to Rs 78.85 per liter.
On Sunday, petrol prices in Delhi, Kolkata, Mumbai and Chennai increased by 35 paise, 33 paise, 34 paise and 31 paise per liter respectively. The price of diesel was increased by 60 paise, 54 paise, 58 paise and 51 paisa per liter in the four metros respectively. Petrol has become costlier by Rs 8.30 per liter in Delhi for 16 consecutive days and the price of diesel has increased by Rs 9.48 per liter.
On the international futures market Intercontinental Exchange, ICE, on Friday, August delivery Brent crude futures contract closed at $ 42.19 a barrel, up 1.64 percent from the previous session, while the Brent price jumped to $ 42.91 a barrel. Brent crude closed at $ 35.75 a barrel on 20 May a month ago. At the same time, the July delivery contract of American Light crude West Texas Intermediate, or WTI, on the New York Mercantile Exchange, or NIMAX, closed 2.39 percent up at $ 39.75 a barrel from the previous session, while the WTI price rose to $ 40.51 a barrel earlier.
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