Fuel prices in India were marginally hiked on Friday. While petrol prices were increased by an average of 14 paise, diesel rates saw a 15-17 paise rise per litre.

In the metro cities, petrol prices per litre were increased to Rs 71.39 in New Delhi, Rs 73.46 in Kolkata, Rs 77 in Mumbai and Rs 74.1 in Chennai. Diesel prices rose to Rs 66.45 in New Delhi, Rs 68.21 in Kolkata, Rs 69.63 in Mumbai and Rs 70.24 in Chennai.

These revisions are made on daily basis at 6 am based on international oil prices and changes in foreign exchange valuations. The prices, further, vary between states due to local and state government imposed on these petroleum products.

In the international market, oil prices rose by a percent as focus shifts to supply cuts from OPEC (Organisation of Petroleum Exporting Countries) and tensions in the Middle East, however, the recovery hasn't completely erased the losses seen earlier this week over US-China trade war.

Brent crude futures, the global crude benchmark, rose by 1.1 percent or 74 cents to $68.50 a barrel.

The OPEC members, have continued with their supply cut agreement made at the start of the year. However, investors are concerned that a further fall may be seen in the crude exports from Iran and Venezuela, both members of the OPEC, facing sanctions on their exports from the US.

Oil prices are highly sensitive to trade tensions on a global scale.

GoodReturns.in