With crude oil rates hitting a three-week high today, petrol prices was hiked by 4-5 paise per litre, while diesel rates remained unchanged as per the details released by the state-owned Indian Oil Corporation (IOCL).
So now, a litre of diesel costs Rs 67.75 in Mumbai, and Rs 64.65 in Delhi, while a litre of petrol is priced at Rs 77.60 in Mumbai, and Rs 71.94 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 Friday fell over 2 per cent to Rs 3,821 per barrel after participants reduced positions tracking weak trend overseas.
On the Multi Commodity Exchange, crude oil for March delivery dropped by Rs 83, or 2.13 per cent, to Rs 3,821 per barrel with a business volume of 19,887 lots. Crude oil for April delivery was quoting lower by Rs 85, or 2.16 per cent, to Rs 3,845 per barrel with an open interest of 544 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 fell 1.82 per cent at USD 52.91 per barrel. While Brent Crude, the international benchmark, fell 1.89 per cent to trade at USD 58.19 per barrel in New York.
