(ET)
Domestic fuel rates may rise sharply after staying stable for more than a month as international crude oil prices have jumped $5 a barrel in just a week on hopes of a quicker resolution to the US-China trade war, supply cut by OPEC and allies, and the US sanctions against Iran and Venezuela. Petrol and diesel were priced at Rs 70.91 per litre and Rs 66.11 per litre respectively in Delhi on Monday. Since February 10, petrol and diesel are up 63 paise and 55 paise per litre, respectively.
State oil companies daily revise domestic prices of petrol and diesel, based on the rolling fortnightly average rates of respective fuels in the international market and the exchange rate. Crude oil prices rose to $66.7 a barrel on Monday, the highest since November, but fell to $66.08 after a few hours.
