Petrol price in Noida was revised to Rs 69.56 per litre on Saturday whereas a litre of diesel cost Rs 62.84. Petrol in Hyderabad is priced at Rs 73.41 per litre while diesel is selling at Rs 68.57. Fuel prices in Karnataka are higher as the state government, on Jan 1, increased the state tax on petrol and diesel by 2 per cent.
In other metro cities like Bengaluru and Chennai, a litre of petrol is being sold just short of Rs 72. Even in Patna, a litre of petrol is being retailed at Rs 73.46. Despite a decrease in international oil prices, major PSUs of the country have been increasing fuel prices in the backdrop of solid weekly gains posted global crude prices.
According to a report by news agency Reuters, major crude oil benchmarks fell on Friday while Brent Crude oil was trading at $60.48 per barrel.
Petrol and diesel prices witnessed a relentless hike in India -- the third-largest importer of crude oil in the world – in September last year amid tightened productions and sanctions. Even falling rupee had added to the country’s woes. However, the prices came down sharply after excess global production led to a sharp fall of about 30 per cent in global crude oil prices.