Petrol and Diesel Prices Rise for the Second-Day Straight

Petrol and diesel price were revised higher for the second day in a row. Fuel prices were raised after 36 days on Thursday as a result of unexpected shortages in global crude oil supply.

Petrol price per litre was raised by 14 to 15 paise in metro cities of India to Rs 75.71 in Delhi, Rs 83.24 in Mumbai, Rs 78.53 in Kolkata, and Rs 78.72 in Chennai.

Diesel price per litre increased by 16 to 18 paise to Rs 67.66 in Delhi, Rs 71.79 in Mumbai, Rs 70.05 in Kolkata and Rs 71.42 in Chennai.

Prices were lowered by Rs 2.88 per litre of petrol and Rs 1.23 a litre of diesel in 36 days, prior to the hike on Thursday.

US sanctions on Iran (major oil supplier to India) and disruptions in production in Canada, Libya and Venezuela have brought a shortage in the global supply of crude oil. Countries like South Korea have started cutting Iranian oil imports. Venezuelan supplies are reportedly expected to go down to 1 million barrels per day by the end of the year.

Libya, on the other hand, is facing disruption in operations from clashes between rival militias where at least two storage tanks are said to be destroyed in the fight. It has disrupted an estimated 450,000 barrels per day of oil exports.