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.
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.
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.
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.
Rates were hiked by a record 56.6 per cent (Rs 12,126.75 per kl) on June 1, followed by Rs 5,494.5 per kl (16.3 per cent) increase on June 16. Price was hiked by Rs 2,922.94 per kl or 7.48 per cent on July 1.
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.
The prices of vegetables, in particular, have increased quite significantly with retail prices of almost all kinds rising from 25 per cent to 200 per cent. Vegetable traders say prices have risen due to crop failure during the rainy season.
Diesel price on Tuesday was increased by 25 paise per litre, according to a price notification of state-owned oil marketing companies.
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.
Fuel prices across the metros were unchanged for the first time after price hikes for 21 consecutive days. Petrol prices, however, were unchanged for a day during this 21-day period after the daily revision based on dynamic pricing was reinstated.
With the revised rates, petrol will now cost Rs 80.38 per litre, while diesel will cost Rs 80.40 per litre in Delhi. On Friday, the petrol price was increased by 21 paise per litre and that of diesel by 17 paise per litre.
Petrol prices on Friday hiked by 21 paise while diesel prices were raised by 17 paise for the 20th day in a row on Friday. Petrol price was hiked to Rs 80.13 per litre in Delhi, while diesel rates were increased to Rs 80.19 a litre. In Mumbai, the price of petrol stood at Rs 86.91 per litre and diesel at Rs 78.51 per litre on Friday.