fuel prices - Central News Hub

Accordingly, the price of petrol increased by 28 paise per litre to Rs 97.50 per litre and diesel by 26 paise per litre to Rs 88.23 per litre in Delhi….reports Asian Lite News

Fuel prices increased again across the country on Tuesday adding more misery for the common man already grappling with rising food prices amid shrinking income.

With the rise, petrol prices have reached very close to hitting the century mark all across the country extending the scope of historic high prices that had already made the fuel rate cross the Rs 100 per litre-mark in certain cities and towns of Maharashtra, Madhya Pradesh, Rajasthan, Telangana, Andhra Pradesh.

On Tuesday, the oil marketing companies (OMCs) raised the price of petrol and diesel between 25-30 paise per litre across the four metros.

Accordingly, the price of petrol increased by 28 paise per litre to Rs 97.50 per litre and diesel by 26 paise per litre to Rs 88.23 per litre in Delhi.

In the city of Mumbai, where petrol prices crossed Rs 100 mark for the first time ever on May 29, the fuel price reached a new high of Rs 103.63 per litre on Tuesday. Diesel prices also increased in the city by 30 paise per litre to reach Rs 95.72 a litre, the highest among metros.

Across the country as well petrol and diesel prices increased on Tuesday but its retail prices varied depending on the level of local taxes in different states.

Petrol prices in three other metros apart from Mumbai have also reached closer to Rs 100 per litre mark and OMC officials said that if international oil prices continued to firm up, this mark could also be breached in other places by month end.

With Tuesday’s price hike, fuel prices have now increased on 28 days and remained unchanged on 25 days since May 1. The increase has taken up the petrol price by Rs 7.11 per litre in Delhi. Similarly, diesel price has increased by Rs 7.50 per litre in the national capital.

With global crude prices also rising on a pick up demand and depleting inventories of worlds largest fuel guzzler — the US, retail prices of fuel in India is expected to firm up further in coming days. The benchmark Brent crude reached multi-year high level of over $ 75 on ICE or Intercontinental Exchange.

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Fuel prices remain steady for 3 weeks

Crude has now slipped 6 per cent in the last six days and is now sitting a tab lower around $ 64.5 a barrel on the back of rising US inventory…reports Asian Lite News.

Just like the farmers’ protest, protests against the continuous fuel price hike are there in every parts of the nation. But surprisingly, fuel prices in the country have remained steady for over three weeks now as softening crude and Assembly elections in four states and one union territory has kept Oilcans from revising the retail prices.

Accordingly, petrol continues to be priced at Rs 91.17 a litre and diesel Rs 81.47 a litre in the national capital on Monday. Fuel prices have not been revised now for 23 days.

Across the country as well the petrol and diesel price remained unchanged. But the pause has not helped in bringing down fuel prices that have crossed Rs 100 per litre (petrol) mark in several parts of the country.

Earlier, Minister of state for Finance Anurag Thakur said in Parliament that states and Centre should look at taxes on petroleum products to see if relief can be provided to consumers.

Indian Youth Congress (IYC) activists during the protest against the hike in fuel prices in New Delhi on India, 19 March, 2021. (Pallav Paliwal)

Since the beginning of February crude has gained more than $7 per barrel that pushed OMCs to increase fuel prices on 14 occasions raising the prices by Rs 4.22 per litre for petrol and by Rs 4.34 a litre for diesel in Delhi.

Crude has now slipped 6 per cent in the last six days and is now sitting a tab lower around $ 64.5 a barrel on the back of rising US inventory.

The petrol and diesel prices have increased 26 times in 2021 with the two auto fuels increasing by Rs 7.46 and Rs 7.60 per litre respectively so far this year.

The officials in public sector oil companies said that retail price may rise again once daily revision starts post voting in various state elections. The crude is expected to move up further on demand rise and continued production cut by OPEC+ in April.

Oilcos are already making losses of Rs 2 and Rs 4 per litre on current retail prices of petrol and diesel respectively. Sources said that to cover this, the fuel prices may remain unchanged even if there is a need to cut retail rates on softening of global product prices.

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