Fuel prices across the four metro cities rose for the fourth straight day on Sunday caused by hardening of crude rates. due to resumption of US sanctions on Iran, after they had been declining for over a month.
Petrol prices in Delhi rose to Rs 76.13 per litre on Sunday, according to data on state-run Indian Oil Corp’s website.
In the other major cities of Kolkata, Mumbai and Chennai, petrol was sold for Rs 78.80, Rs 83.52 and Rs 79.01 per litre on Sunday.
This rise comes after prices started to decline on May 30. Also, both the petrol and diesel prices were unchanged for nine days till June 4.
In tandem with the cost of petrol, diesel prices also registered a rise on Sunday for the fourth day in a row across the four metro cities.
In the national capital, diesel was sold at Rs 67.86 per litre.
In Kolkata, Mumbai and Chennai, the key transportation fuel sold at Rs 70.41, Rs 72 and Rs 71.63 per litre, respectively.
Since Wednesday, petrol prices have gone up by a cumulative 57-61 paise per litre and diesel rates raised by 48-51 paise per litre.
While the Organisation of Petroleum Exporting Countries’ (OPEC) decision last month to raise production by nearly 1 million barrels per day led to a softening of international rates, the threat of sanctions on Iran after the US withdrawal from the nuclear deal with the Gulf nation, is again pushing prices.
According to oil marketing company officials here, the US is putting pressure on importers of Iranian oil like India and China to end all imports by November 4.
Source: Read Full Article