After witnessing a steady fall for twenty days, petrol and diesel prices rose on Monday, the first time in 2019, as international prices of crude oil increased. In Delhi, petrol price increased to Rs 68.50 and diesel to Rs 62.24, a rise of 21 paise and 8 paise per litre, respectively.
The petrol price in Delhi was Rs 68.29 on Sunday, while diesel was at Rs 62.16. Brent crude futures was 1.2 per cent higher on Monday at $57.77 per barrel in Asian trade.
In Mumbai, petrol and diesel prices were Rs 74.16 per litre and Rs 65.12 per litre, respectively.
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On December 31, diesel and petrol prices touched the lowest level of 2018, while the last upward revision in petrol price was on December 17, 2018.
In order to protect its revenues from auto fuel taxes, the Karnataka government on Friday revised the rate of sales tax on petrol and diesel upwards to 32 per cent and 21 per cent from 28.75 per cent and 17.73 per cent, respectively.
The highest price was recorded in October, however, soon after rates started to nosedive. The dip in prices comes after the United States softened its stand on Iran’s sanctions and allowed eight countries to continue importing oil from Iran temporarily. These countries are India, China, South Korea, Japan, Turkey, Italy, the United Arab Emirates, and Taiwan.
Further, Petroleum and Natural Gas Minister Dharmendra Pradhan had earlier said that the hike in the prices of petrol and diesel in the country was because of the depreciation in the value of the rupee against the US dollar.