Economic Buzz: Domestic Fuel Prices Rise For Fifth Day

Domestic fuel prices rose for a fifth day following the continued upward pressure on the global crude oil prices. The Indian Oil Corporation Limited (IOCL) indicates that petrol is now quoting at Rs 75.61 per liter in the Delhi and at Rs 83.45 per liter in Mumbai. Diesel was retailing at Rs 67.09 per liter in the national capital and at Rs 71.42 per liter in Mumbai. The global Brent crude oil futures continues to hold onto their recent gains following to the threat of reduced supplies from Iran after the US withdrew from the nuclear deal. The commodity edged up to $ 80 per barrel – its highest level in nearly four years and has been instrumental in keeping the domestic fuel prices elevated.