The year 2020 has started off on a sour note in terms of petrol and diesel prices, with prices increasing every day for the past five days. Since January 1, the price of petrol has increased by 55 paise, while diesel prices increase by 72 paise.

On Monday (January 6), prices increased by 15-16 paise for petrol and 17-18 paise for diesel across major metro cities.

The surge in fuel prices comes on the back of Brent crude oil prices crossing $70 a barrel, which is an increase by over 2%. This is due to the rising geo-political tension in Iran after the United States attacked and killed Iranian commander Qassem Soleimani.

84% of India’s oil requirements are fulfilled through imports, of which the Middle East accounts for a major share. Therefore, any spike in global prices directly impacts prices in the country, as well as the economy.

As per information on the Bharat Petroleum website, Petrol prices in Hyderabad touched Rs 80.54 per litre, while diesel price was at Rs 74.94 a litre. In Bengaluru, Petrol was priced at Rs 78.28, while diesel was at Rs 71.02. In Thiruvananthapuram, the price of petrol was Rs 79.14 and diesel Rs 77.43. Vijayawada has to now shell out Rs 80.25 a litre for petrol and Rs 74.30 for diesel.

According to information on the Indian Oil Corporation website, petrol now costs Rs 75.69 a litre in Delhi, Rs 78.28 a litre in Kolkata, Rs 81.28 a litre in Mumbai and Rs 78.64 a litre in Chennai, Rs 80.48 in Hyderabad, Rs 78.22 in Bengaluru, Rs 79.09 in Trivandrum and Rs 79.64 in Vijayawada.  

Similarly, diesel prices cost Rs 68.68 a litre in Delhi, Rs 72.02 a litre in Mumbai, Rs 71.04 a litre in Kolkata and Rs 72.58 in Chennai.

In fact, the increase in petrol prices was being seen from December 26. In this period, petrol prices increased by 91 paise. Diesel, which has been increasing since November 29, has increase by Rs 2.78 per litre.