Petrol price in Delhi touches Rs 74.08, highest since September 2013

Surge in crude oil prices due to ongoing supply cut by Organisation of Petroleum Exporting Countries, coupled with strong demand for crude oil led to hike.

 Petrol prices in Delhi touched a fresh high of Rs 74.08 per litre on Friday, the highest in nearly five years.

In September 2013, the price had touched Rs 74.10 a litre.

In Kolkata, Mumbai and Chennai too, prices climbed to new multi-year highs at Rs 76.78, Rs 81.93 and Rs 76.85 per litre respectively, the Indian Oil website said.

The previous highs in these cities were Rs 78.03 (Kolkata, August 2014), Rs 82.07 (Mumbai, March 2014) and Rs 76.93 (Chennai, July 2014).

Diesel prices also touched new record levels on Friday.

Diesel prices in Delhi, Kolkata, Mumbai and Chennai were Rs 65.31, Rs 68.01, Rs 69.54 and Rs 68.90 per litre respectively.

Petrol prices firmed up on Friday along with surge in crude oil prices due to the ongoing supply cut by the Organisation of Petroleum Exporting Countries coupled with strong demand for crude oil.

On Friday, Brent crude oil was priced around $73.56 per barrel, whereas in 2013 it was priced at over $100 a barrel.

Prices of transport fuels are now changed on a daily basis unlike the previous norm of fortnightly revision of prices.