Petrol price up by 8 paise, diesel by 9 paise on Monday. Check today’s rates in top cities
New Delhi: Petrol prices were increased by 8 paise for the third successive day across major cities of the country on Monday (August 26). Diesel prices, on the other hand, were raised by 9 paise. In Delhi, after today’s rate revision, petrol prices rose to Rs 72.07 a litre as against Rs 71.99 on Sunday while diesel price climbed to Rs 65.35 per litre as compared to Rs 65.26 on Sunday, as per data from Indian Oil Corporation website.
On Sunday, state-run oil marketing companies hiked petrol prices by 7-8 paise a litre while diesel prices were raised by 10-11 paise per litre across the country.
Citizens in Kolkata have to pay Rs 74.77 for a litre of petrol after an 8 paise hike over Sunday’s rate. A litre of diesel costs Rs 67.73, 9 paise higher than yesterday’s price of Rs 67.64 a litre.
In Chennai, the retail price of petrol price was increased by 8 paise to Rs 74.86 a litre, from Rs 74.78 recorded on Sunday. Diesel costs Rs 69.04 a litre, 9 paise more than Sunday’s price. Similarly, in Mumbai, petrol is retailing at Rs 77.73 a litre, 8 paise increase from Sunday’s rate of Rs 77.65 while diesel price peaked to Rs 68.51, 9 paise more than yesterday’s price of Rs 68.42 a litre.
The pump prices of petrol and diesel are the cheapest in Delhi among all metros and most state capitals due to lower taxes. As per the country’s daily pricing mechanism, the pump price of petrol and diesel is dependent on the global crude prices and the rupee-US dollar exchange rate as India imports 80 per cent of its crude requirements.
In the international oil market, crude prices dropped on Monday, pushing US crude to its lowest in more than two weeks, as escalating tensions between Washington and Beijing trade tensions hurt confidence in the global economy. International Brent crude oil futures were trading at USD 58.45 per barrel, down 89 cents or, 1.5 per cent, from their last close.
An economic slowdown fear has gripped the global economy due to the rising trade war between the United States and China. Last week, China had said it would impose additional tariffs of 5 per cent or 10 per cent on a total of 5,078 items originating from the United States, including crude oil. In retaliation, the Donald Trump administration said it was ordering US firms to explore ways to shut down operations in China and make products in the US.
