As anticipated after Karnataka elections, petrol and crude oil prices have risen after remaining static for the period of 19 days. Petrol and diesel prices were last revised on 24th April 2018.
According to Indian Oil website, petrol prices on Monday are at Rs 74.8 per litre in Delhi, Rs 77.5 per litre in Kolkata, Rs 82.65 per litre in Mumbai and Rs 77.61 per litre in Chennai. Diesel prices are at Rs 66.14 per litre in Delhi, Rs 68.68 per litre in Kolkata, Rs 70.43 per litre in Mumbai and Rs 69.79 per litre in Chennai.
The rise in petrol and crude oil prices have happened due to increase in crude oil prices, which remained near more than three-year-high last week, as oil export is expected to come down due to sanctions on Iran. The crude oil prices fell on Monday as the US has increased its drilling activity to increase output. Brent crude futures are currently trading at $76.79 per barrel.
Petrol and diesel prices are now revised daily. Prior to June 2017 rates were revised on a fortnight basis.
Since the start of this financial year, petrol prices have gone up by Rs 1.24-1.32 per litre across the metro cities. Similarly, diesel prices have increased by Rs. 1.59-1.86 per litre. In Mumbai diesel prices have crossed the landmark of Rs 70, worrying people about the possible rise in inflation rates in the country. The sanctions have been renewed on Iran at a time come when the supply is already down considering high demand and output restraint by the Organization of the Petroleum Exporting Countries (OPEC) for pushing petrol prices up.
India import about 80 percent of its oil. The rise in crude oil prices will increase the liability as the rupee has also started depreciating against the dollar. The rupee has fallen to 67.23 per US dollar, which is at its lowest since February 8, 2017. There are chances that rupee may slide further to 70 level this year.