Petrol, diesel prices continue to rise amid US-Iran tensions
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On Saturday, as tensions between the US and Iran subsided, the consumers in India do not seem to be getting relief from the rising prices of petrol and diesel. The petrol and diesel prices were hiked by 5 paise and 13 paise respectively for third consecutive day.

So today, a litre of diesel costs Rs 72.54 in Mumbai, and Rs 69.17 in Delhi, while a litre of petrol is priced at Rs 81.60 in Mumbai, and Rs 76.01 in Delhi. Retail prices of the two automobile fuels are revised daily. Petroleum companies revise petrol and diesel prices on the basis of crude prices in the international market. Hence the prices vary according to the company.

On the Multi Commodity Exchange, crude oil for January delivery traded lower by Rs 7, or 0.17 per cent, at Rs 4,230 per barrel in 23,488 lots. Crude oil for February delivery was down Rs 9, or 0.21 per cent, at Rs 4,234 per barrel with an open interest of 820 lots.

Concerns over US-Iran standoff eased further after US lawmakers introduced a resolution on Thursday aimed at reining in President Donald Trump's ability to take military action against Iran, according to analysts. Globally, the West Texas Intermediate (WTI) was trading lower by 0.18 per cent at USD 59.45 per barrel. Meanwhile, Brent crude, the international benchmark, edged lower by 0.12 per cent to USD 65.29 per barrel in New York.

(With inputs from Agencies)

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