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Fuel prices on Sunday hiked in the wake of a falling rupee and increasing global crude oil prices.
Petrol, diesel prices became costlier by 23 paise and 29-31 paise per litre respectively across various cities of the country.
The revised price of petrol in the national capital is Rs. 70.95per litre while diesel rate has gone up to Rs 65.45 per litre after a 29 paise hike.
Fuel prices(per litre) in various cities after Friday's hike:
In Gurugram, petrol price jumped to Rs 71.48 and diesel increased to Rs 65.03.
While diesel rate in Hyderabad has crossed Rs 71 per litre, Trivandrum (Rs 70.44/litre) has the second-highest rate in the country. Rates have also climbed significantly in cities like Kolkata, Bengaluru, Chennai, and Bhubaneshwar.
Since the beginning of 2019, petrol prices across the country have gone up by almost Rs 1.82 per litre while diesel prices have been hiked by over Rs 2 per litre.
Global crude oil has been gaining momentum since OPEC major Saudi Arabia decided to cut down on oil production; a collective decision was taken by major OPEC and non-OPEC oil-producing countries to cut oil production after its value slid by almost 30 per cent.
An increase in global crude oil prices is beneficial for oil-producing countries but can significantly affect large oil-importing countries like India.