Transport fuel rates were at an all-time high on Sunday driven by the slashing of global crude oil outputs by oil-producing countries.
Transport fuel rates witnessed a steep rise for the fifth time this month and reached an all-time high on Sunday. This spike was driven by an increase in global crude oil prices as the decision to slash global crude oil output by oil-producing countries was implemented from January 1. In the national capital, petrol hit the Rs. 70-mark for the first time in 2019. Diesel in the national capital was sold at Rs. 64.18 per litre, costlier by 49 paise.
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Why the hike?
The hike in transport fuel rates follows a continuous rise in global crude oil prices owing to production cuts by The Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC countries from January 1. Petroleum products fall outside the GST regimen and are therefore subjected to dynamic pricing that makes the domestic fuel prices dependent upon international fuel prices on a 15-day average and the value of the rupee.
Additional Reading: Which Car Should You Buy-Petrol or Diesel?
What are the current prices?
The petrol and diesel prices in the four metros are as follows as of today:
|Petrol (in Rs./litre)
|Diesel (in Rs./litre)
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