Fuel prices continue to surge amid tension in Middle East

TIL Desk/Business/New Delhi/ The petrol and diesel prices continued to surge on Saturday as the price of petrol rose by 10-11 paise and that of diesel by 15-16 paise across all major cities. According to the Indian Oil website, the petrol costs Rs 75.45 a litre in Delhi, Rs 81.04 per litre in Mumbai, Rs 78.04 a litre in Kolkata and Rs 78.39 a litre in Chennai after the revised rates were implemented on Saturday morning. Similarly, diesel prices also saw an increase across all major cities.

Diesel now costs Rs 68.40 a litre in Delhi, Rs 71.72 a litre in Mumbai, Rs 70.76 per litre in Kolkata and Rs 72.28 a litre in Chennai after the increase on Saturday morning. The oil prices jumped by $3 a barrel on Friday after a US airstrike killed a top Iranian general Qassem Soleimani, escalating major tension in the Middle East.

The retail prices of petrol and diesel are dependent on the global crude oil prices and the rupee-US dollar exchange rate as India imports 80 per cent of its crude requirements. Domestic petrol and diesel prices are reviewed by oil marketing companies on a daily basis. Price revisions are implemented at the fuel stations with effect from 6 a.m.