In the wake of a spurt in global oil prices, the price of petrol in Delhi stood very close to the Rs 75 a litre-mark on Tuesday, at Rs 72.95.
In Delhi, petrol is being sold 23 paise higher at Rs 70.12 per litre and diesel at Rs 65.45 per litre after a 29 paise hike.
In New Delhi, petrol is being sold 17 paise higher at Rs. 70.72/litre, and diesel at Rs. 65.16/litre after a 19 paise hike.
This is the fifth consecutive day of increase in rates and sixth hike this month.
This is the first time that fuel prices reached Rs 70-mark in the year 2019. While petrol price witnessed a hike of 38 paise, diesel got costlier by 49 paise in Delhi.
Petrol and diesel in India have declined by nearly 15 per cent each from the record high levels they had reached in October.
The double-whammy of high fuel cost and low fares necessitated by extreme competition magnified as the rupee depreciated and interest-rates remained high.
Petrol price in Delhi was cut to Rs 69.04 per litre from Rs 69.26 while diesel rates came down to Rs 63.09 from Rs 63.32 a litre, according to the price notification of state-owned oil firms.
In Delhi, petrol price was at Rs 69.26 per litre, 29 paise down from the Friday's levels of Rs 69.55 per litre. In Kolkata, Mumbai and Chennai too, prices of the fuel fell to new lows for the year.
Unexpected halts at a batch of refineries, particularly in Germany, caused the diesel market in Europe’s Amsterdam-Rotterdam-Antwerp trading hub to surge in the past several months as stockpiled up.
Prices in Kolkata, Mumbai and Chennai were Rs 72.16, Rs 75.69 and Rs 72.70, respectively, against the previous levels of Rs 72.36, Rs 75.89 and Rs 72.91 per litre.
While petrol became cheaper by Rs 6 per litre for November, diesel price reduced by Rs 5.50 across major cities of the country.
The dip in fuel price come after the United States recently softened its stand on Iran's sanctions and allowed eight countries to continue importing oil from Iran temporarily.
Petrol price in Delhi was cut to Rs 76.71 a litre from Rs 76.91 on Saturday, according to a price notification issued by state-owned fuel retailers.
Due to fall in crude oil prices, petrol sells at Rs. 77.10 per litre and Rs 82.62 per litre in Delhi and Mumbai respectively.