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17 May 2018, 01:04 | Lena Norman
Similarly, in Delhi the petrol price touched Rs 74.80 a litre, while diesel prices stood at Rs 66.14. Meanwhile, global crude price settled a shade firmer after retreating from multi-year highs hit early in the day on Tuesday, supported by concerns that USA sanctions on Iran are likely to restrict crude exports from one of the biggest producers in the Middle East.
(IOC) raised the price of petrol by 15 paise a litre and diesel by 23 paise a litre on Tuesday.
Diesel prices are now Rs 66.57 in New Delhi, Rs 69.11 in Kolkata, Rs 70.88 in Mumbai and Rs 70.25 in Chennai today.
Prices of transport fuels, rose for the third consecutive day after the International Olympic Committee resumed the dynamic pricing system on Monday after a 19-day halt. The revisions were altogether stopped on April 25 due to polls in key southern state.
This rise in prices of transport fuels comes amid continuous gains in crude oil prices globally.
The daily pricing of fuel was enforced by the government in June past year to align with the worldwide oil prices and currency volatility.
The NOC, however, has not increased the price of Liquefied Petroleum Gas (LPG).
As per the industry insiders, India has the history of "regulating" oil prices in the run up to election dates. Hence, the losses to the OMCs are likely to get repeated in the coming months, affecting their profitability, say analysts.
Moreover, Brent crude oil settled at $78.43 a barrel, up 20 cents, or 0.3 percent, after reaching an intraday peak of $79.47 a barrel, up $1.24 and its highest since November 2014. Moreover, the rupee is also down more than 6% against the U.S. dollar so far this year.
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