Petrol Touches New High In Delhi, Crosses Rs 91 Mark In Mumbai

Cornelia Mascio
Gennaio 13, 2021

Petrol and diesel prices rose sharply by 25 paise per litre on Wednesday after oil marketing companies chose to break the momentary pause in the wake of a sudden spike in the global oil prices.

The auto fuel price rise was on hold for the last five days after the petrol and diesel prices had increased on two successive days last Wednesday and Thursday taking gasoline to record high levels in Delhi while keeping its prices very close to record high levels in other metro cities. With this, the petrol and diesel prices increased by 76 and 82 paise this month alone.

In the national capital, the price of petrol was increased by 25 paise from Rs 84.20 per litre to Rs 84.45 per litre and diesel was hiked by a similar amount from Rs 74.38 per litre to Rs 74.63 per litre, according to Indian Oil Corporation, the country's largest fuel retailer. For petrol, it is Rs 86.48.

Today, petrol in Delhi has reached Rs 84.45 and diesel Rs 74.63 per litre and in Mumbai, petrol has reached Rs 91.07 litre and diesel Rs 81.34. On January 7, the price of petrol in Delhi reached a record ₹84.20 per litre. Earlier on 4 October 2018, the price of petrol in the capital was at a record level of Rs 84 per litre.

This is the highest ever price of petrol in Delhi, while diesel is at a record high in Mumbai. US West Texas Intermediate (WTI) was up 1.3 per cent at Dollars 53.88 a barrel, while Brent crude was up 79 cents at USD 57.37. It is the seventh consecutive day of gains for the benchmark and is trading at the highest since February (before COVID-19 began spreading beyond China).

The price increase cycle resumed on Wednesday after global oil prices rose for the seventh day.

State-owned fuel retailers (IOC, HPCL, BPCL) had on 6 January, resumed daily price revision after almost a month-long hiatus.

Though petrol and diesel rates are to be revised on a daily basis in line with benchmark worldwide price and foreign exchange, government-controlled fuel retailers have been moderating rates since the pandemic broke out.

Oil prices steadied on Monday after strong gains last week, as tough coronavirus lockdowns around the world renewed concerns about global fuel demand, while a stronger US dollar also weighed on prices.

Quality journalism takes a lot of time, money and hard work to produce and despite all the hardships we still do it.

Altre relazioniGrafFiotech

Discuti questo articolo

Segui i nostri GIORNALE