Petrol and diesel prices hiked by 25 paise for the second day, reach all-time high
Accordingly, in the national capital, petrol was sold at the new record high level of Rs 84.70 from previous days Rs 84.45 a litre while diesel prices increased to Rs 74.88 per litre as against Rs 74.64 a litre a day earlier.
Across the country as well pump price of petrol and diesel increased on Wednesday but the quantum varied depending on the prevailing tax structure in each state.
AdvertisementAuto fuel price rise was on hold for last five days after petrol and diesel prices had increased on two successive days last Wednesday and Thursday taking gasoline to record high levels in
OMCs ran out of patience on Wednesday as global crude prices have risen sharply lately taking benchmark Brent crude price to over $57 a barrel now and rising. The rise is primarily on account of Saudi Arabia's decision on unilateral production cuts to balance oil prices on pandemic affected demand reduction in an oversupplied market.
At Rs 84.70 a litre in Delhi,
The OMCs' patience of holding back fuel prices was broken last week on Wednesday when they increased the retail price of petrol and diesel for the first time this year after over a month-long pause.
Petrol price was very close to breaching the all-time high level of Rs 84 a litre (reached on October 4, 2018) when it touched Rs 83.71 a litre on December 7, 2020. But the march had been halted ever since then with no price revision by the OMCs.
Oil companies executives said that petrol and diesel prices may increase further in coming days as retail prices may have to be balanced in line with global developments to prevent OMCs from making loss on sale of auto fuels.
Petrol price is now past ₹84 in Delhi, over 62% of it is taxes
- IMF projects 11.5% growth rate for India in 2021, only major economy to record double digit growth
- Connaught Place to remain shut as farmers' tractor parade turns violent
- After violent clashes with police, farmers swarm Red Fort
- DMRC closed entry and exit gates of yellow, green, violet and blue lines in surge of farmers protest
- Delhi Police fires tear-gas shells on farmers near Akshardham temple and Sanjay Gandhi Transport Nagar