Petrol, diesel prices rise for sixth consecutive day
Business & Economy

Petrol, diesel prices rise for sixth consecutive day

IANS

New Delhi, June 12, 2020

Petrol and diesel prices are continuously becoming more expensive for the common man with oil marketing companies (OMCs) raising the fuel prices by about 60 paise per litre on Friday.

The auto fuel prices have now risen for the sixth day in a row, with petrol prices increasing by Rs 3.31 and diesel by Rs 3.42 per litre since Sunday.

In three of the last five days, the prices have risen by a sharp 60 paise per litre while it increased by around 40 and 55 per litre on Tuesday and Wednesday respectively, and by 57/59 paise on Friday.

Sources in oil marketing companies said that price rise could continue for another week and 10 days as global product prices are firming up with a pick-up in demand following opening up of economies across the globe post the COVID-19 related lockdown.

Even global crude price are on the rise and its prices have more than doubled from April levels at over $40 a barrel.

The increase in retail prices on Friday has been made under the dynamic pricing system for daily revision of fuel prices which OMCs resumed after over 83 days break during the lockdown period.

In the national capital, the retail price of petrol increased by 57 paise and diesel by 59 paise per litre to Rs 74.57 and Rs 72.81 per litre respectively.

In other cities, the increase could vary depending on the tax structure on products.

IANS has reported earlier that the daily price revision may begin in June and retail prices of petrol and diesel could go upto Rs 5 a litre in phases.

IANS

NetIndian
www.netindian.in