Oil marketing companies revise domestic prices of petrol and diesel on a daily basisPetrol and diesel prices were hiked by 48-63 paise per litre on Sunday.
That marked fourth consecutive hike in domestic fuel prices, and fifth overall so far this year.
The upwards price revision comes on back of a recovery in crude oil prices in anticipation of tightening supply ahead, say analysts.
Currently, oil marketing companies in country revise domestic prices of petrol and diesel on a daily basis, in line with movement in international crude oil and rupee-dollar forex rates.Petrol price in rupees per litreDelhiKolkataMumbaiChennaiJan-1369.7571.8775.3972.39Jan-1269.2671.3974.9171.87Diesel price in rupees per litreDelhiKolkataMumbaiChennaiJan-1363.6965.4666.6667.25Jan-1263.164.8766.0466.62(Source: iocl.com)With effect from 6 am on January 13, petrol prices were at Rs 69.75 per litre in Delhi, Rs 71.87 per litre in Kolkata, Rs 75.39 per litre in Mumbai and Rs 72.39 per litre in Chennai, according to Indian Oil Corporation - country's largest fuel retailer.
Diesel prices stood at Rs 63.69 per litre, Rs 65.46 per litre, Rs 66.66 per litre and Rs 67.25 per litre respectively.Besides Sunday's hike, petrol and diesel were hiked on January 7, January 10, January 11 and January 12.
The hike on January 13 was steepest so far this year.DateHike in price in paise per litre (Delhi, Mumbai, Kolkata, Chennai)PetrolDieselJan-0721-228Jan-1037-4029-31Jan-1119-2028-30Jan-1219-2029-31Jan-1348-5259-63(Source: iocl.com)Global crude oil rates have gained strengthafter implementation of production cuts by top producers, recoveringfrom levels below $50 a barrel registered last month.Brent crude futures - international benchmark for crude oil - dropped by $1.2 to settle nearly 2 per cent lower at $60.48 a barrel on Friday.
The global crude benchmark had previous day logged its first nine-day rally since September 2007.(With agency inputs)