Petrol, Diesel Prices Raised for the Fifth Straight Day

As per the data on the Indian Oil Corporation (IOC) app, petrol and diesel prices were raised once again for the fifth consecutive day on Monday.

Petrol price per litre was raised by an average of 23 paise in metro cities to Rs 76.36 in Delhi, Rs 83.75 in Mumbai, Rs 79.25 in Chennai and Rs 82.56 in Kolkata. On the other hand, diesel per litre on Monday was priced at Rs 68.07 in Delhi, Rs 73.23 in Mumbai, Rs 71.85 in Chennai and Rs 70.62 in Kolkata.

Fuel prices are revised every day in India based on movements in international crude oil prices. Global benchmark Brent was up by 37 cents or 0.5 percent on Monday morning to $77.48 a barrel.

At the end of June, the OPEC (organization of petroleum exporting countries) had agreed to increase their production to an extent to dampen the rise in oil prices faced in the month of May due to outages in production from other oil-rich countries.

Meanwhile, as per official data released on Thursday, the US crude inventories have shown a drop in inventories to the lowest in three and a half years at Cushing (delivery point for US crude futures).