Petrol price up 6 paise, diesel by 7 paise

Domestic fuel prices rose slightly on Sunday with petrol price increasing by 6 paise across the metro cities and the cost of diesel by 7 paise, according to data from Indian Oil Corporation. In the national capital, petrol was sold for Rs 72.92 per litre, against the Saturday`s level of Rs 72.86 per litre. Price of the fuel in Mumbai, Kolkata and Chennai was recorded at Rs 74.94, Rs 78.49 and Rs 75.68, respectively, on Sunday, higher than the previous levels of Rs 74.88, Rs 78.43 and Rs 75.62 per litre.

The price hike comes after the rates were unchanged on Saturday. The increase in fuel prices off late, however, has been subdued in proportion to the recent surge in global crude oil prices, and experts say it is the ongoing general elections which has made the state-run oil companies to put the dynamic pricing policy on hold for now, fearing a public backlash.

Fuel prices in the country are based on a 15-day average of global crude prices and the rupee-US dollar exchange rate. Currently, the benchmark Brent crude oil is priced around $71.5 per barrel.

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Diesel prices too increased on Sunday in tandem with petrol prices. In Delhi, Kolkata and Chennai, the cost of diesel increased by 7 paise to Rs 66.26, Rs 68 and Rs 69.96. In Mumbai, the fuel was sold for Rs 69.35 per litre, higher by 8 paise from Saturday.