New Delhi: Fuel prices witnessed a fresh hike on Friday, with petrol and diesel being sold at Rs  70.55 per litre (increase by Rs 0.08) and Rs. 64.97 per litre (increase by Rs. 0.19) respectively in national capital.  In Mumbai, petrol and diesel prices stood at Rs. 76.18 per litre (increase by Rs. 0.07) and Rs 68.02 per litre (increase by Rs. 0.20) respectively. (Check the Live Petrol And Diesel Price Here) Also Read - Petrol Prices Remain Unchanged Across Metros For 8th Straight Day

On Thursday, the petrol saw an increase of 14 paise and was retailed at Rs 70.47 per litre while diesel was hiked by 19 paise and sold at Rs 64.78 per litre in Delhi. In Mumbai, petrol was at Rs 76.11 per litre after a hike of 14 paise while diesel was at Rs 67.82 per litre after a hike of 20 paise. Also Read - Bhopal Cricketer Gets 5 Litres of Petrol as Award For Winning Man of The Match, Picture Is a Hit Online!

With petroleum products being outside the GST regime, prices vary as a result of local taxes.  (Also read: BJD to Fight Election on Own; Rising Fuel Prices to be Issue) Also Read - Petrol, Diesel to Get Cheaper? Govt Planning to Cut Taxes On Fuel, Says Report

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.