Petrol prices rose 5 paise on Monday after remaining stable for two sessions, while diesel rose in the range of 5-6 paise after being steady for four straight sessions across major cities.
In Mumbai, petrol price stood at Rs 75.97 a litre and diesel was at Rs 68.71 per litre on Monday. According to the Indian Oil Corp data, petrol rates per litre in New Delhi, Kolkata and Chennai, were at Rs 70.33, Rs 72.44 and Rs 73, respectively, while diesel prices stood at Rs 65.62, Rs 67.40 and Rs 69.32 for a litre, respectively.
Transport fuel rates were hiked sharply on January 13 as global crude oil rates continued to climb handsomely following the implementation of output cuts by global oil producers from January 1.
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.
Retail pump price is calculated after adding central excise duty, dealers commission and value-added tax (VAT) to the base price.
(With inputs from agencies)