Petrol, diesel prices hiked for second consecutive day

Petrol and diesel prices were hiked in metros on Friday for second consecutive day. The petrol and diesel prices were raised by 07-10 paise and 10-15 paise per litre respectively.

On Friday, a litre of diesel costs Rs 71.56 in Mumbai, and Rs 68.25 in Delhi, while a litre of petrol is priced at Rs 80.94 in Mumbai, and Rs 75.35 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.

Crude oil futures on Thursday fell by Rs 13 to Rs 4,367 per barrel after participants reduced positions despite the oil gaining overseas. On the Multi Commodity Exchange, crude oil for January delivery dropped by Rs 13, or 0.30 per cent, to Rs 4,367 per barrel with a business volume of 19,899 lots.

Crude oil for February delivery was quoting lower by Rs 10, or 0.23 per cent, at Rs 4,365 per barrel with an open interest of 456 lots. Analysts said the fall in crude oil futures was mostly due to trimming of positions by traders amid weak spot demand. Globally, West Texas Intermediate crude oil was trading 0.18 per cent higher at USD 61.17 per barrel. Meanwhile, Brent Crude, the international benchmark, gained 0.30 per cent to trade at USD 66.20 per barrel in New York.

(Inputs from PTI)

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