Petrol prices now on the run while diesel remains steady
Business | August 17, 2020 12:59 ISTIn the national capital, petrol prices rose for the second consecutive day by 16 paise to Rs 80.73 a litre.
In the national capital, petrol prices rose for the second consecutive day by 16 paise to Rs 80.73 a litre.
The price hike comes at a time when crude oil prices have been rising and the Brent crude is trading around $45 per barrel.
India's fuel demand is beginning to flatline after showing signs of returning to life, as consumption dipped 11.7 per cent in July, official data showed.
Petrol and diesel prices may begin their rising trend all over again much to the discomfort of fuel consumers that have faced constant increasing prices since June 7.
This is the second consecutive day of the price increase. Rates were hiked by 15 paise on Saturday. The price increase on Saturday came after a four-day hiatus in rate revision.
Oil marketing companies on Saturday raised diesel prices by 15 paisa/litre as OMCs revised pump prices. This rise in price came after the prices were held steady for sometime. While the price of diesel was at Rs 81.79 per litre in the capital, petrol was steady at Rs 80.43 a litre. Petrol prices have remain unchanged since June 29.
Along with the national capital, diesel prices marginally increased in other metro cities as well but there the price of transportation fuel is still between Rs 6-8 per litre lower than petrol.
Unexpected rise in diesel prices for the past couple of weeks despite slower demand has made the transport fuel take the numero uno position in Delhi while substantially reducing the gap with petrol in other metros.
India's fuel sales in June reached 88 per cent of the pre-COVID-19 levels as easing of lockdown restrictions is reviving economic activities, the government said on Wednesday.
Fuel prices across the metros have gone for a halt after rising on 22 of the past 24 days as oil marketing companies (OMC) kept the pump prices of petrol and diesel unchanged
Petrol, Diesel Price Today: After a day’s pause, fuel prices were again raised on Monday with diesel prices scaling a new high after prices were hiked for the 22nd time in just over three weeks.
For the first time in Delhi, diesel has become costlier than petrol. For the 18th day in a row, state-run oil companies on Wednesday raised prices of diesel.
Fuel prices were hiked by the oil marketing companies again on June 23. Petrol and diesel will now cost Rs 79.76 per litre and Rs 79.40 per litre respectively in Delhi.
Fuel prices continue to go uphill. Petrol price was hiked by 33 paise/litre and diesel by 58 paise. Rates are up by over Rs 8 for petrol and Rs 9 in diesel in last 15 days.
Fuel prices in the national capital surged for the 11th consecutive day on June 17. The revised prices made petrol Rs 77.28/litre (increase by Re 0.55) and diesel at Rs 75.79/litre (increase by Re 0.69).
India's fuel demand has reached 80-85 per cent of pre-Covid levels in the first half of June but return to 5 per cent growth trajectory may take up to two years, Oil Minister Dharmendra Pradhan and industry leaders said on Tuesday.
The new rates will come into effect from midnight tonight, said deputy chief minister Nitin Patel, who also holds Finance portfolio.
Petrol, Diesel Price Today: Petrol price was hiked by 59 paise per litre while diesel by 58 paise. In seven hikes, petrol price has gone up by Rs 3.9 per litre and diesel by Rs 4.
Petrol and diesel price was on Sunday hiked by 60 paisa per litre, as the state-owned oil firms restarted daily price revisions after a 82-day hiatus.
Delhi Petrol Dealers Association on Thursday demanded a roll back in the hike of VAT on petroleum products, saying the increase has led to a 79 per cent decline in diesel sales in the month of May.
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