Fuel prices hit all-time high; petrol rate nears Rs 100-mark in Mumbai

The oil marketing companies (OMC) hiked petrol and diesel prices on Tuesday across the country.

Petrol price was increased by 23 paise per litre and diesel by 25 paise a litre, according to a price notification of state-owned fuel retailers.

The hike - 13th this month - pushed petrol and diesel prices to an all-time high across the country.

After today’s hike, petrol prices in Delhi rose to Rs 93.44 per litre against Rs 93.21 on Monday, while diesel price soared to Rs 84.32 per litre as compared to Rs 84.07 a litre on Monday.

Rates had already crossed the Rs 100-mark in several cities in Rajasthan, Madhya Pradesh and Maharashtra and with the latest increase, the price in Mumbai too was inching towards that level.

Sri Ganganagar district of Rajasthan had the costliest petrol and diesel in the country at Rs 104.42 per litre and Rs 97.18 a litre, respectively.

A litre of petrol in Mumbai now comes for Rs 99.71 and diesel is priced at Rs 91.57 per litre.

The price of petrol and diesel in Chennai was Rs 95.06 and Rs 89.11 per litre respectively and Rs 93.49 and Rs 87.16 per litre in Kolkata.

The All India Petrol Dealers Association (AIPDA) told Free Press Journal, the rising prices of crude oil and existing government duties are one of the reasons behind the hike in petrol. “There are few reasons behind the increasing fuel prices. One of them being, production of crude oil in Saudi Arabia, has apparently been reduced due to the Covid situation. This has had an impact on the prices of petrol and diesel,” said Ali Daruwala, spokesperson, AIPDA.

Oil companies revise rates of petrol and diesel daily based on average price of benchmark fuel in the international market in the preceding 15-days, and foreign exchange rates. This is the 13th increase in prices since May 4, when the state-owned oil firms ended an 18-day hiatus in rate revision they observed during assembly elections in states like West Bengal.

The state-run oil marketing companies including Indian Oil Corporation (IOC), Bharat Petroleum, and Hindustan Petroleum align the rates of domestic fuel based on the average price of benchmark fuel in the international market in the preceding 15-days, and foreign exchange rates.

(With inputs from Agencies)

(To receive our E-paper on whatsapp daily, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

Free Press Journal