Fuel prices see sharp rise

Transport fuel rates were hiked for the fifth time this month and saw their steepest rise on Sunday, amid global crude oil rates continuing to climb handsomely following the implementation of output cuts by oil producers from January 1. State-run oil marketing companies increased petrol rates by 4960 paise per litre on Sunday, while diesel prices were raised by 59-75 paise across the four major metros. As per data from Indian Oil Corp, petrol price in the Delhi was increased to Rs 69.75 per litre on Sunday, while in Kolkata, Mumbai and Chennai, the fuel cost Rs 71.87, Rs 75.39 and Rs 72.40 per litre, respectively.