Fuel prices in India on Friday raised to new all-time highs by state-owned oil marketers. In New Delhi Petrol prices per litre were up 25 paise to Rs 85.45, in Kolcutta Rs 86.87, in Mumbai, Rs 92.04 and Rs 88.07 in Chennai.
Similarly, Diesel prices per litre were also spiralled by 25 paise to Rs 75.63 in New Delhi, Rs 80.90 in Chennai, Rs 82.40 in Mumbai, Rs 79.23 in Kolkata,
Retail prices of fuel in India are revised every day based on changes in international prices, foreign exchange rates, central government duties and local sales tax or value-added tax.
In the international market, oil prices slipped on Thursday after industry data indicated a surprise increase in US crude inventories that revived pandemic-related fuel demand concerns, while US stimulus hopes buoyed prices.
Crude Oil prices have also been rising as compliance with a deal to cut output from the Organization of the Petroleum Exporting Countries (OPEC) and its peers fell in December from November. Compliance reached 99pc last month, two sources told Reuters. A cut in OPEC's output has been keeping rates high amid vaccination drives in all major economies.
Global benchmark, Brent crude futures, was down by 3 cents to USD56.05 a barrel. However, petrol and diesel prices in India are revised based on the 15-day average of international rates. In the last two days, the benchmark rose over expectations of massive COVID-19 relief spending under new US President Joe Biden.