Petrol and diesel prices rose for the sixth consecutive day on Tuesday across major cities, up by 7 paise and 10 paise, respectively. Petrol price in Mumbai stood at Rs 77.87 a litre while diesel was at Rs 70.86 per litre, at par with December 2018 levels. According to the Indian Oil Corp data, in New Delhi, petrol costs Rs 72.24 per litre and diesel costs Rs 67.64 per litre.
In Kolkata and Chennai, petrol stood at Rs 74.33 per litre and Rs 75.02 per litre while diesel stood at Rs 69.43 per litre and Rs 71.49 a litre, respectively.
Meanwhile, analysts at Fitch Solutions and consultants Wood Mackenzie expects India's diesel consumption to rise to a record this year on increasing infrastructure spending by the current government. They forecast India's diesel demand to rise in 2019 by 5.7 percent and 6.4 percent, respectively, from 2018.
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.
US West Texas Intermediate (WTI) crude oil futures were at $56.46 per barrel at 0136 GMT, down 13 cents, or 0.2 percent, from their last settlement. Brent crude futures were at $65.60 per barrel, down 7 cents, or 0.1 percent.
Diesel consumption may rise to a record this year on increasing infrastructure spending by the current government as it tries to hold off challengers in general elections that will be held over April and May.
Analysts at Fitch Solutions and consultants Wood Mackenzie forecast India's diesel demand to rise in 2019 by 5.7 percent and 6.4 percent, respectively, from 2018. The country consumed a record 6.9 million tonnes of diesel a month in 2018, or about 1.7 million barrels per day (bpd), data from the Ministry of Petroleum showed.
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.
(With inputs from agencies)