Fuel prices rise to new highs across India

Fuel prices rise to new highs across India

New Delhi, February 27, 2021

Petrol and diesel prices continued their northward march on Saturday, after a three-day break, taking its retail rates to unprecedented levels and burning holes in the consumers' pockets.

Oil marketing companies (OMCs) raised the pump price of petrol and diesel by 24 paise and 15 paise per litre, respectively, on Saturday.

With this, petrol is now priced at Rs 91.17 a litre and diesel at Rs 81.47 a litre in the capital.

Across the country as well, petrol and diesel prices increased by between 20-30 paise per litre depending on the level of local duty at the state level.

Sources in OMCs said that the price rise on Saturday followed movement in product price in global markets. Crude oil is also on the boil with benchmark Brent crude still above $ 66 a barrel. It was less than $ 60 a barrel just a few days back.

Petrol and diesel prices have been rising continuously since February 9. In the 14 increases since then, the prices have gone up by Rs 4.22 per litre for petrol and Rs 4.34 a litre for diesel in Delhi.

The increase in the previous weeks has taken petrol to cross historic high levels of Rs 100 a litre in several cities across the country.

In Mumbai, petrol prices are just Rs 2.4 per litre short at Rs 97.57 a litre. Diesel prices in the city are closing in on Rs 90 a litre (Rs 88.60 a litre).

In all other metros, petrol is over Rs 90 a litre while diesel is well over Rs 80 a litre.

Premium petrol crossed Rs 100 per litre in several cities of Rajasthan, Madhya Pradesh and Maharashtra a few days ago.

Since fuel prices are benchmarked to a 15-day rolling average of global refined products' prices and dollar exchange rate, pump prices can be expected to remain northbound over the next few days even if crude price stabilises.

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.

Oil companies executives said that petrol and diesel prices may increase further in the coming days as retail prices may have to be balanced in line with global developments to prevent the OMCs from incurring loss on the sale of auto fuels.

IANS

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