Fuel prices across Indian cities were increased a day after the last phase of voting for the Lok Sabha elections 2019. While petrol became 8 to 10 paise costlier, diesel prices were increased by 15-16 paise by state-owned oil marketing companies.
The increase in fuel prices was a result of a rise in crude oil prices in the international prices after Saudi Arabia's energy minister, Khalid al-Falih, indicated there was consensus among OPEC and allied oil producers to continue limiting supplies.
In a press conference after a ministerial panel meeting (known as JMMC) gathering of top OPEC (Organization of the Petroleum Exporting Countries) and non-OPEC producers, including Saudi Arabia and Russia, in Jeddah on Sunday, Falih said that there was a consensus among OPEC and non-OPEC producers to drive down crude inventories "gently." He further added that his country would remain responsive to the needs of what he called a fragile market, according to a Reuters report.
International benchmark Brent crude futures were up by 1.1 percent or 77 cents from their last close to $72.98 a barrel. US West Texas Intermediate (WTI) rose by 1 percent or 63 cents to $63.39 a barrel.
In line with the international increase, petrol prices per litre were increased to Rs 71.12 in New Delhi, Rs 73.19 in Kolkata, Rs 76.73 in Mumbai and Rs 73.82 in Chennai.
Diesel prices were raised to Rs 66.11 in New Delhi, Rs 67.86 in Kolkata, Rs 69.27 in Mumbai and Rs 69.88 in Chennai.