Fuel Prices Today: Diesel crosses Rs 73-mark, petrol price nears Rs 83 in Delhi
Business | December 04, 2020 14:55 ISTPetrol price in Delhi rose to Rs 82.86 per litre from Rs 82.66. Diesel rate went up from Rs 72.84 to Rs 73.07 per litre.
Petrol price in Delhi rose to Rs 82.86 per litre from Rs 82.66. Diesel rate went up from Rs 72.84 to Rs 73.07 per litre.
Oil marketing companies on Thursday hiked the prices of petrol and diesel for the second consecutive day after a two-day pause. Petrol and diesel prices were hiked by around 20 paise across the metros.
Petrol and diesel prices have been rising since Friday after a nearly two-month-long hiatus in fuel price revision. In five days, petrol price has gone up by 53 paise and diesel rates have risen by 95 paise per litre.
Petrol price on Monday was hiked by 7 paise per litre and diesel by 18 paise for the fourth straight day as the international oil rates broke a nearly two-month-long hiatus in price revision.
The increase in petrol and diesel prices was expected as the global oil market has shown signs of firming up after positive news on the successful introduction of a coronavirus vaccine soon. Moreover, the demand for oil and falling inventory levels in major consuming markets has also firmed up the crude price.
With the price revision, the retail price of both the auto fuels has also been increased across the country but the level of increase is different across the cities due to variable taxation structure pursued by the states.
The price of petrol has increased by 17 paisa per litre in the national Capital to Rs 81.23 from Rs 81.06 a litre on the previous day. Similarly, retail price of diesel has been increased by 22 paisa per litre to Rs 70.68 a litre.
State-owned Indian Oil Corp (IOC) on Friday said international oil prices have been range-bound in the last few weeks, warranting no revision in retail petrol and diesel rates.
Global crude prices are holding close to $ 42 a barrel now. It has been hovering between $ 40-42 a barrel for over a month now. But with lower oil demand and rising inventory, there is fear a song oil-producing companies that crude prices may start falling again.
Indian Oil Corporation Ltd. (IOCL) has reduced the Retail Selling Price (RSP) of diesel by Rs 2.93 per litre and petrol by Rs 0.97 per litre in Delhi during the month of September 2020.
The fall in the retail price of diesel continues in line with the easing crude oil prices. The December futures contract of Brent crude on the Intercontinental Exchange (ICE) was trading at $39.95 per barrel, lower by 2.39 per cent.
Diesel prices continued its downward movement on Monday on the back of subdued product prices and almost steady crude oil prices globally.
Diesel price continued to decline on Friday after a two-day pause as the product prices fell globally while crude prices remained steady. Oil marketing companies, however, kept petrol prices unchanged for the third consecutive day.
Diesel price has extended its gap with petrol across the country with oil marketing companies cutting its retail price again while keeping petrol price steady.
Petrol price has maintained its rise with the fuel price increasing again after a brief one day pause on Thursday while diesel holding on to its price line that it has maintained since July 30.
Petrol prices have been on the rise for the sixth consecutive day on Tuesday, while diesel held on to its price line that it has maintained since July 30.
In Delhi and Mumbai, price of the fuel increased by 14 paise to Rs 81.49 and Rs 88.16 per litre respectively on Sunday.
Petrol prices were revised on August 16 after a long pause. Since, then there has been a consistent increase in petrol rates.
In the national capital, petrol prices rose for third consecutive day on Tuesday by 17 paisa to Rs80.90 a litre. Pump prices of petrol rose by 14 paisa a litre on Sunday breaking a 47-day pause since June 29.
In the national capital, petrol prices rose for the second consecutive day by 16 paise to Rs 80.73 a litre.
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