New Delhi Jan 15: Fuel prices were hiked for the sixth straight day on Tuesday amid a rise in international crude prices and rupee's depreciation against the US dollar.
Petrol now costs more than Rs 70 per litre mark in Delhi and Noida after fuel prices were hiked by 28-293 paise across major cities of the country. Petrol in the national capital is sold at Rs 70.41 and diesel is sold at Rs 64.47 per litre. While in Mumbai, Petrol and diesel prices at Rs. 76.05/litre (increase by Rs. 0.28) & Rs. 67.49/litre (increase by Rs. 0.31), respectively.
The sudden rise in fuel prices since yesterday is an indication that oil prices may be hiked further if global crude oil prices continue to maintain its good run. Experts have predicted global oil prices to stabilise around the current levels and are likely to drift upwards gradually in the year.
Supply cuts from Organization of the Petroleum Exporting Countries (OPEC) and dropping US drilling activity has also contributed to the stabilisation of oil prices after it dropped nearly $30 in the last few months of 2018.
Lower oil production, however, may dent India's economy as the country would have to pay more towards oil imports, considering that the country is the third-largest importer of oil in the world.