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.
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.
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.
In Delhi, the price of petrol was slashed to ₹ 81.86 from ₹ 81.99 per litre and diesel rates were lowered to ₹ 72.93/litre from ₹ 73.05 per litre, according to notifications by the state-run Indian Oil Corporation, the country's largest fuel retailer.
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.
The price hike comes at a time when crude oil prices have been rising and the Brent crude is trading around $45 per barrel.
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.
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.
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.
A day after diesel Prices increased to extend its gain over petrol in Delhi, oil marketing companies decided to keep the pump prices of the two petroleum products unchanged on Thursday.
Diesel price on Tuesday was increased by 25 paise per litre, according to a price notification of state-owned oil marketing companies.
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