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Petrol and diesel prices on Sunday, January 20

Rates of petrol and diesel have been on the north side since January 7 due to rupee depreciation compared to the US dollar and the increasing cost of global crude oil.

SNS | New Delhi |

Petrol in Delhi on Sunday was selling at Rs 70.95 per litre after the cost of petrol was hiked by Rs 0.23 while diesel was selling at Rs 65.45 per litre after a hike of Rs. 0.29 as the major oil PSUs revised the fuel prices after a slight dip in the rupee’s value against the US dollar backed by increasing global crude oil rates.

In Mumbai, petrol is being sold at Rs 76.58 per litre, an increase of Rs. 0.23 while diesel is being sold at Rs 68.53 per litre, an increase of Rs. 0.31.

In Kolkata, petrol is selling for Rs 73.05 per litre, a hike of Rs 0.23 and diesel is being sold at Rs 67.23 per litre, a hike of Rs 0.30 while in Chennai petrol is selling at Rs 73.65 per litre, an increase of Rs 0.24 and diesel is selling for Rs 69.14 per litre, a hike of Rs 0.31.

Rates of petrol and diesel have been on the north side since January 7 due to rupee depreciation compared to the US dollar and the increasing cost of global crude oil.

Global crude oil has been gaining momentum since OPEC major Saudi Arabia decided to cut down on oil production; a collective decision was taken by major OPEC and non-OPEC oil-producing countries to cut oil production after its value slid by almost 30 per cent.

As per India’s dynamic pricing mechanism, the domestic fuel prices depend upon international fuel prices on a 15-day average and the value of the rupee.

With petroleum products being outside the GST regime, prices vary as a result of local taxes.