Even as the crude oil prices have receded from record high levels, rupee's free fall to levels below 70 has hit fuel prices, both petrol and diesel which have surged to over two-month high levels.Petrol in the national capital was retailing at Rs. 77.49 for a litre while diesel was priced at Rs. 69.04. In other metros petrol was priced at Rs 84.91 a litre in Mumbai; Rs 80.50 a litre in Chennai; Rs 80.43 whereas diesel is available for Rs. 73.30 a litre; Chennai 72.93 a litre; Kolkata Rs 71.88 a litre.
The hike in petrol and diesel prices is in the range of 9-18 paise and 8-13 paise, respectively.
While the prices of crude oil today have lessened by some 24 cents, the pressure shall remain on the back of fresh US sanctions on Iran which is the third-largest producer among the Organization of the Petroleum Exporting Countries (OPEC).
After fuel prices hit the record high on May 29, there was a continuous slide in the price of fuel as the OPEC nations decided to increase crude supply to put a check on mounting prices.
It is worth mentioning that after de-regulation of pricing in the sector, the OMCs after taking into account various factors of paramount importance vary the price in the range of 1-45 paise on a daily basis at 6 am.