Fuel prices in the country were raised for the second straight day on Tuesday despite the fall in international crude oil prices.
Petrol rate per litre was increased by 6 paise to Rs 76.31 in Delhi, Rs 79.20 in Kolkata, Rs 83.76 in Mumbai and Rs 79.26 in Chennai, according to the Indian Oil Corporation's (IOC) official website. Diesel prices were raised by 7 paise per litre to Rs 67.82 in Delhi, Rs 70.58 in Kolkata, Rs 72 in Mumbai and Rs 71.62 in Chennai.
On Monday, the petrol price was raised by 9 paise and diesel per litre was priced 14 paise higher than the previous day in the four Indian metro cities.
On the global front, Brent crude futures fell by 46 cents (0.6 percent) to $74.51 a barrel. On Monday, it experienced a nearly 1 percent rise. The price fell on concerns of oversupply after an OPEC (Organisation of Petroleum Exporting Countries) survey report by Reuters showed that its output for the month of July was the highest in 2018. OPEC has hiked its production by 70,000 barrels a day to 32.64 million barrels. The group is, however, set to reduce the output going forward, that was raised to offset losses from the export cut of its member nation Iran, due to US sanctions.
Considering the whole month, the international benchmark for crude oil, Brent, experienced a 6.2 percent drop. The fall in price is its highest since July 2016.