In a time of demonetisation, and as January 1 turned into the second day of 2017, oil marketing companies hiked the prices of petrol and diesel, citing the increase to the rising prices of global crude prices.

As of January 1, 2017, the price of crude oil is US$ 53.72 per barrel as compared to US$ 36.57 on January 1, 2016. Oil prices are forecast to cross the US$ 60 mark later this year.

As a result of the latest fuel price hike in India, the price of petrol now stands hiked by Rs 1.29 a litre (excluding State taxes), diesel is now dearer by 97 paise per litre. For those who tank up on petrol, they now have to pay Rs 76.91 a litre in Mumbai, Rs 70.60 in Delhi, Rs 73.13 in Kolkata and Rs 70.07 in Chennai. Those who prefer to own diesel-engined vehicles now have to pay Rs 63.61 a litre in Mumbai, Rs 57.82 in Delhi, Rs 60.06 in Kolkata and Rs 59.47 in Chennai.

Price rise more for diesel

Seen over the past year, the price of petrol has risen by 10.51 a litre (from Rs 66.40 on January 1, 2016 to Rs 76.91 in Mumbai on January 2, 2017) while a litre of diesel is costlier by Rs 11.45 (from Rs 52.16 on January 1, 2016 to Rs 63.61 on January 2, 2017).

Historically, petrol price was at its highest in India on September 14, 2013 when it cost Rs 83.62 a litre, while diesel on the same day was priced at Rs 58.86 a litre.