Petrol price hike: With an increase of 35 paise in Delhi, the rate of petrol has reached close to Rs 100 per liter. At the same time, the price of petrol in Mumbai is around Rs 106 per liter.
Petrol price hike: Petrol price hike continued for the second consecutive day on Monday, taking its price near Rs 100 per liter in Delhi and Kolkata. Only two metro cities where fuel is still below Rs 100 a litre. The price of fuel in Delhi increased by 35 paise to Rs 99.86 per liter on Monday from Rs 99.51 on Sunday. The price of petrol in Kolkata increased from Rs 99.45 per liter to Rs 99.84 per liter. Also Read – Flex Fuel: Guidelines For ‘Flex-Fuel’ Vehicles Likely To Be Released By October
With the increase, the petrol prices in both these cities are expected to cross the 100 mark in the next revision. With this, the fuel will exceed Rs 100 per liter in all the four metros and other major cities across the country. Also Read – Petrol price hike: Relief to transport sector, no change in diesel prices; hike in petrol price
Data available on the Indian Oil Corporation website shows that the price of petrol in the financial capital Mumbai is now Rs 105.92 while that of diesel is Rs 96.91. The price of petrol pump in Chennai has also hit a century with Rs 100.75 per liter. Also Read – Due to the cost of diesel, fruits and vegetables also became expensive, and prices may increase
Like last week, OMCs did not change diesel prices on Monday to give relief to the transport sector that largely runs on this fuel.
Diesel costs Rs 89.36 per liter in Delhi, while in Mumbai, Chennai and Kolkata it costs Rs 96.91, Rs 93.91 and Rs 92.27 per liter respectively.
Oil companies executives attribute the steady rise in fuel prices to growth in global oil markets, where both product and crude oil prices have been consolidating over the past few months due to increased demand amid the slowing pace of the pandemic.
Globally, the price of crude oil is now around $ 75 per barrel. It was over $80 a barrel in October 2018, but still, petrol prices were around Rs 80 a liter across the country. So, now with the low oil prices, petrol prices have touched the century and have now surpassed it by a wide margin in many parts of the country.
The only way to bring down retail prices in this period can be through tax cuts by both the Center and the states, experts suggest, adding that crude oil prices are rising from here.
Fuel prices are already touching new highs every other day.