Image Source: INDIA TODAY

Petrol and diesel prices were sharply hiked for the fifth consecutive day in India even as global oil prices dropped on patchy demand concerns. Petrol price has been increased in Delhi by 60 paise per litre and now Delhiites will have to pay Rs 74 for a litre of petrol. Diesel rate was also hiked by 60 paise per litre. A litre of diesel in the national capital will now cost Rs 72.22. The consecutive five days rise in petrol and diesel rates comes after a 12-week pause and experts say that fuel prices can rise further in the wake higher domestic levies on fuel. The weak rupee-dollar exchange rate has also resulted in higher prices for petrol and diesel. The rise in fuel prices came after international oil prices rebounded sharply a few days ago. However, global crude oil rates again fell two per cent on Thursday due to deepening worries about slow demand growth and higher oil stockpiles.