Domestic petrol and diesel prices were hiked in metros on Thursday, a day after the rates were kept unchanged at existing levels. With effect from 6 am on January 2, 2020, the price of petrol was Rs 75.25 per litre in Delhi and Rs 80.87 per litre in Mumbai, as against Rs 75.14 per litre and Rs 80.79 per litre respectively the previous day, according to Indian Oil Corporation's website - iocl.com. The price of diesel was hiked to Rs 68.10 per litre in Delhi and Rs 71.43 per litre in Mumbai on Thursday, from Rs 67.96 per litre and Rs 71.31 per litre respectively the previous day. (Also read: How to find out latest petrol diesel prices in SMS)
Here are the latest petrol and diesel prices across metros:
| City | Petrol | Diesel |
|---|---|---|
| Dehi | 75.25 | 68.10 |
| Mumbai | 80.87 | 71.43 |
| Kolkata | 77.87 | 70.49 |
| Chennai | 78.20 | 71.98 |
| Source: Indian Oil | ||
Currently, domestic petrol and diesel prices are reviewed by oil marketing companies - such as state-run Indian Oil Corporation (IOC) - on a daily basis. Any revisions are implemented at the fuel stations with effect from 6 am.
Domestic fuel prices are determined broadly by the international crude oil rates and the rupee-dollar foreign exchange rates.
The rupee declined by 11 paise to 71.33 against the US dollar in early trade on Thursday amid a sustained rise in crude oil prices and foreign fund outflows.
Crude oil prices rose on the first trading day of 2020 as warming trade relations between the US and China eased demand concerns while rising tensions in the Middle East raised worries about supply. Brent crude futures - the global benchmark for crude oil - were last up 0.3 per cent at $66.21 a barrel.
Foreign institutional investors (FIIs) remained net sellers in the Indian capital markets, offloading shares worth Rs 58.87 crore on Wednesday, according to provisional data from the NSE.
Oil marketing companies switched to the current system of daily revisions from fortnightly changes in 2017 to reflect any changes in global rates more rapidly. Previously, the companies implemented any changes in fuel prices at fuel stations the 1st and 16th days of every month.
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