Petrol and diesel prices rose for the sixth day in a row on Tuesday by 0.18 paise and 0.16 paise, respectively. On July 11 petrol was at Rs 76.53 in New Delhi, Rs 83.91 in Mumbai, Rs 79.43 in Chennai and Rs 79.20 in Kolkata. Diesel prices have also risen in tandem with petrol prices at Rs 68.23 in New Delhi, Rs 72.40 in Mumbai, Rs 72.03 in Chennai and Rs 70.78 in Kolkata.
Last month members of the Organisation of the Petroleum Exporting Countries (OPEC), decided to increase oil production, which was estimated to be about one million barrels a day. The deal aimed at easing fears of a global supply crunch following sanctions imposed on Iranian Oil. The fuel prices have however continued to soar and there are chances that prices may go up further.