New Delhi, January 7: Fuel prices in India continued their upward trend on Tuesday as the retail pump price of petrol was hiked by 5 paise while that of diesel was up by 12 paise across all major cities. According to the official website of Indian Oil Corporation, petrol is priced at Rs 75.74 per litre in Delhi, Rs 81.33 per litre in Mumbai, Rs 78.33 per litre in Kolkata, and Rs 78.69 per litre in Chennai. Meanwhile, diesel is being sold at Rs 68.79 per litre in Delhi, Rs 72.14 per litre in Mumbai, Rs 71.15 per litre in Kolkata and Rs 72.69 per litre in Chennai.

According to reports, the petrol price across the nation is up by 60 paise while that of diesel by 83 paise in the first seven days of the year 2020. The prices of petrol and diesel prices are reviewed by oil marketing companies on a daily basis and are updated the fuel stations with effect from 6 am everyday. There are several factors that impact the price of fuel, including rupee to US dollar exchange rate, cost of crude oil, global cues, among others. Fuel Price Hike: Twitterati Voice Displeasure as Petrol Prices Hover Around Rs 75 Per Litre.

Check Petrol & Diesel Price in Metro Cities on January 7, 2020:

Metro Cities Petrol Price/ Ltr Diesel Price/ Ltr
Mumbai Rs 81.33 Rs 72.14
Delhi Rs 75.74 Rs 68.79
Chennai Rs 78.69 Rs 72.69
Kolkata Rs 78.33 Rs 71.15

India is 84% dependent on imports to meet its oil needs. Reports inform that any spike in global prices has a direct bearing on its economy. Middle East accounts for more than two-thirds of the country's oil imports, with Iraq and Saudi Arabia being the top suppliers.

(The above story first appeared on LatestLY on Jan 07, 2020 11:25 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).