Fuel prices rise again, reach new highs on Friday
New Delhi, January 22, 2021
Petrol and diesel prices rose sharply again on Friday to reach new all-time highs as oil marketing companies decided to break the pause in revision of auto fuel prices to bridge the widening under-recoveries.
Accordingly, the pump price of petrol increased by between 22-25 paise per litre across all major metros on Friday while diesel price increase ranged 23-27 paise per litre.
With this, petrol is now priced at Rs 85.45 a litre in Delhi as against the previous day's price of Rs 85.20 a litre. Similarly, in Mumbai, petrol price increased to Rs 92.04 a litre, a 24-paise increase from the previous day's price of Rs 91.80 a litre.
In Chennai and Kolkata, petrol is now priced at Rs 88.07 and 86.87 a litre, respectively, registering an increase of 22 and 24 paise per litre from the previous day.
Diesel on the other hand faced a sharper increase, rising by 27 paise a litre in Mumbai from the previous days' level of Rs 82.13 a litre to Friday's retail price of Rs 82.40 a litre. In Delhi, diesel rose 25 paise per litre to Rs 75.63 a litre, in Chennai by 23 paise per litre to Rs 80.90 a litre and in Kolkata by 26 paise per litre to Rs 79.23 a litre.
The increase in retail price of auto fuel came on a day when global crude prices showed some signs of softening, declining by less than one per cent to close to $ 55 a barrel. Crude prices have remained firm for the last couple of weeks in the wake of unilateral production cuts announced by Saudi Arabia and a pick up in the consumption in all major economies globally.
The increase in the petrol and diesel prices is the third such revision this week. The auto fuels had risen sharply by 25 paise per litre each on Monday and Tuesday before the OMCs decided to give relief to the consumers from frequent price rise for the last two days.
With Friday's revision, the pump price of petrol and diesel has now increased by Rs 1.74 and Rs 1.76 per litre, respectively, in January so far.