Petrol, Diesel prices surge in India as global crude extend gains to two-week high

With global crude oil extending gains to hit two-week highs on Monday, prices of petrol and diesel were increased by 3 paisa to 5 paisa per litre each in Mumbai. 
 
According to data given by Indian Oil Corp, petrol on February 26 was priced at Rs 71.53 per litre in New Delhi, Rs 74.28 per litre in Kolkata, Rs 79.41 per litre in Mumbai and Rs 74.17 per litre in Chennai, seeing increase of 3 paisa each compared to previous day prices. 
 
Petrol on February 25, was valued at Rs 71.50 per litre in New Delhi, Rs 74.25 per litre in Kolkata, Rs 79.38 per litre in Mumbai and Rs 74.14 per litre in Chennai. 
 
On the other hand, diesel prices were raised by 5 paisa in India, compared to the previous day value. 
 
On Monday, diesel was available at Rs 62.17 per litre in New Delhi, Rs 64.86 per litre in Kolkata, Rs 66.21 per litre in Mumbai, and Rs 65.54 per litre in Chennai. 
 
On February 25, diesel was valued at Rs 62.12 per litre in New Delhi, at Rs 64.81 per litre in Kolkata, Rs 66.16 per litre in Mumbai, and Rs 65.49 per litre in Chennai. 
 
US West Texas Intermediate crude for April delivery was up 25 cents, or 0.4%, at $63.80 a barrel by 0301 GMT after rising 3% last week.
 
London Brent crude gained 13 cents, or 0.2%, to $67.44, after climbing nearly 4% last week. Both benchmarks earlier hit their highest since February 7.
 
A Reuters report said, "Prices were supported after Saudi Arabian oil minister Khalid al-Falih on Saturday said the country`s oil production in January-March would be well below output caps, with exports averaging below 7 million barrels per day (bpd)."
 
Moreover, Asia`s booming liquefied natural gas (LNG) market reportedly witnessed exchanges and commodity price agencies vie to become the region`s leading price benchmark.