Global crude oil prices are rising, and so do the petrol and diesel prices in India. After a relief of 19 days, fuel prices have again started moving up in line with international crude oil prices, as oil marketing companies have decided to pass on the burden to consumers after a freeze of 19 days, which started from April 24. According to the website of Indian Oil Corporation, petrol price in Delhi is at INR 75.10 (LKR 175) per litre on Wednesday and INR 82.94 (LKR 193) per litre in Mumbai. Diesel prices in Delhi have accordingly moved upwards at INR 66.57 (LKR 155) per litre and INR 70.88 per litre in Mumbai.
Similarly, petrol prices are at INR 77.79 (LKR 181) per litre in Kolkata and INR 77.93 (LKR 182) per litre in Chennai. Diesel prices are at 69.11 (LKR 169) in Kolkata and INR 70.25 (LKR 164) in Chennai.
Meanwhile, the increased demand and restricted supply have caused global oil prices to soar with Brent crude oil reaching USD 79 (INR 5364) per barrel which is the highest since November 2014.
After the plans for the US to pull out of the Iran nuclear deal became known, oil prices surged over the uncertainty of what would happen to Iran's oil industry if the US reimposed sanctions, limiting Iran's production.
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