Petrol, diesel prices rise again amid volatility in oil market

Petrol, diesel prices rise again amid volatility in oil market

New Delhi, October 3, 2021

Petrol and diesel prices rose simultaneously for the fourth day running on Sunday amid volatility in global oil prices with benchmark crude remaining at a high level of over $ 79 a barrel.

Accordingly, the price of diesel increased by 30 paise per litre in the national capital to Rs 90.77 per litre on Sunday while petrol price increased by 25 paise per litre to Rs 102.39 a litre, according to Indian Oil Corporation, the country's largest fuel retailer.

Diesel price has now increased on eight days in the last 10 days taking up its retail price by Rs 2.15 per litre in Delhi. Diesel price was raised on Friday by 20 paise per litre and again by 25 paise per litre each on Sunday, Monday and Tuesday and by 30 paise per litre on Thursday, Friday, Saturday and Sunday.

Petrol prices had maintained stability since September 5, but the oil companies finally raised the pump prices this week given a spurt in the product prices lately. Petrol price has also risen on five of the previous six days taking up its price by Rs 1.20 per litre.

In Mumbai, the petrol price increased by 25 paise per litre to over Rs 108.50 per litre while diesel rates increased to close to Rs 98.50 a litre.

Across the country as well petrol and diesel prices increased between 20-30 paise per litre, but their retail rates varied depending on the level of local taxes in the state.

Fuel prices in the country have been hovering at record levels on account of 41 increases in its retail rates since April this year. It fell on a few occasions but largely remained stable.

After rising over a three-year high level of $80 a barrel earlier this week, the global benchmark had come down to $78 a barrel and now is again up to $ 79 a litre. Oil rates are up 2 per cent for the week and this is the fifth weekly gain. Since September 5, when both petrol and diesel prices were revised, the price of petrol and diesel in the international market is higher by around $6-7 per barrel as compared to average prices during August.


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