On the expectation, that crude oil supply might be tightened, petrol and diesel prices have inched higher for the fifth consecutive day, rising 37-40 paise and 49-53 paise, respectively in the country. In the NCR, petrol has for the first time in the newyear breached Rs. 70 mark and is selling for Rs. 70.13 while in other metros such as Kolkata, Mumbai and Chennai, the fuel is priced at Rs. 72.24, Rs. 75.77 and Rs. 72.79 per litre, respectively.

The revision in fuel rates since mid June last year is done on a daily basis at 6 am in tandem with international crude oil rates and rupee-dollar movement.

Diesel in Delhi has also surged in price to Rs. 64.18 per litre price.

So far, the hike registered in the price of fuel was the sharpest on January 13 with increase in the range of 48-52 paise in petrol price.

Since the implementation of production cuts, there has been recovery in the crude oil rates from levels below $50 a barrel registered last month.

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