New Delhi: Fuel prices witnessed a slight increase in the national capital on Monday, with petrol and diesel being sold at Rs 70.13 per litre, and Rs 64.18 per litre respectively. In Mumbai, petrol and diesel prices stood at Rs 75.77 per litre and Rs 67.18 per litre respectively.
On Saturday, petrol was sold at Rs 69.26 per litre in the national capital and Rs 74.91 per litre in Mumbai. The diesel was sold at Rs 63.10 per litre in Delhi and Rs 66.04 per litre in Mumbai.
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. (Check the Live Petrol And Diesel Price Here)
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)