Petrol Prices Rise To Multi-Year Highs Today, Diesel At Record Level

1. Petrol prices were raised by 4 paise per litre in the four metros, while diesel prices were increased by 9-10 paise per litre. Petrol and diesel prices are at multi-year highs.
2. Diesel prices are at a record high level, meaning the rates are at their highest ever. Petrol prices are their highest since April 8 in Delhi, when the rate was at its highest since September 14, 2013. On that day, petrol prices in Delhi, Kolkata, Mumbai and Chennai were at Rs 76.06 per litre, Rs 83.63 per litre, Rs 83.62 per litre and Rs 79.55 per litre, respectively.
3. Petrol and diesel prices are on a rising trend, in line with global crude oil prices.
4. Petrol prices are up 46-50 paise per litre in Delhi, Kolkata, Mumbai and Chennai so far this month. Diesel prices are up 78-83 paise per litre.
5. So far this calendar year, petrol prices have been raised by Rs 4.05 per litre in Delhi, Rs 4.01 per litre in Kolkata, Rs 4 per litre in Mumbai and Rs 4.26 per litre in Chennai, data from the Indian Oil website showed. Diesel prices have been increased by Rs 5.54 per litre in Delhi, Rs 5.58 per litre in Kolkata, Rs 6.14 per litre in Mumbai and Rs 5.93 per litre in Chennai.

   Petrol price (In Rs per litre)				Diesel price (In Rs per litre)
   16-Apr	15-Apr	31-Mar	31-Dec	16-Apr	15-Apr	31-Mar	31-Dec
   74.02	73.98	73.55	69.97	65.18	65.09	64.4	59.64
   76.73	76.69	76.26	72.72	67.88	67.78	67.09	62.3
   81.87	81.83	81.41	77.87	69.41	69.31	68.58	63.27
   76.79	76.75	76.29	72.53	68.76	68.67	67.93	62.83
   (Source: iocl.com)

6. Petrol and diesel prices are broadly determined by global crude oil prices and the rupee-dollar exchange rate. State-run oil marketing companies IOCL, BPCL and HPCL revise the rates with effect from 6 am every day.
7. International crude oil prices fell 1 per cent on Monday as the markets opened following western air strikes in Syria over the weekend, while a rise in US drilling for new production also dragged on prices.
8. Brent crude oil futures were at $71.85 per barrel in recent trade while US West Texas Intermediate (WTI) crude futures were at $66.82 a barrel.
9. Traders said markets in Asia began cautiously after the weekend strikes, with some relief that the move looked unlikely to escalate.
10. Despite this, Brent is still up more than 16 per cent from its 2018 low in February, due to healthy demand and also because of conflict and tension in the Middle East.

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