Transport fuel rates were hiked for the sixth time this month and saw their steepest rise on Monday, amid global crude oil rates continuing to climb handsomely following the implementation of output cuts by oil producers from January 1.
State-run oil marketing companies increased petrol rates by 38 paise per litre on Monday, while diesel prices were raised by 49-52 paise across the four major metros.
As per data from Indian Oil Corp, petrol price in the Delhi was increased to Rs 70.13 per litre on Monday, while it cost 75.77 per litre in Mumbai.
Similarly, the price of diesel went up on Monday in the national capital to Rs 64.18 per litre and 67.18 per litre in Mumbai.
With petroleum products being outside the GST regime, prices vary as a result of local taxes.
As per the country's dynamic pricing mechanism, the domestic fuel prices depend upon international fuel prices on a 15-day average and the value of the rupee.
Following the implementation of production cuts by the Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC producers, global crude rates have been hardening and the UK Brent crude closed over the weekend at nearly $62 a barrel after having fallen below $50 last month.