Petrol and diesel prices hit fresh record high, increase for 6th straight day
AdvertisementThere has been a constant rise in the prices of petrol and diesel for the past six days and the rates are soaring all-time high. The prices of petrol and diesel remained steady on October 4, 2021 but saw a daily hike after that.
Diesel prices have now increased on 14 out of the last 17 days taking up its retail price by ₹4.20 per litre in Delhi. The price of diesel earlier increased by 20-30 paise per litre but since Wednesday it has been increasing by 35 paise per litre.
With diesel price rising sharply, the fuel is now available at over ₹100 a litre in several parts of the country. This dubious distinction was earlier with petrol that had crossed Rs 100 a litre mark across the country a few months earlier.
Petrol prices had maintained stability since September 5 but oil companies finally raised its pump prices since last week given a spurt in the crude prices lately. Petrol prices have also risen on 11 of the previous 13 days taking up its pump price by ₹2.95 per litre.
OMCs had preferred to maintain their watch on prices on global oil situation before making any revision in prices. This is the reason why petrol prices were not revised for the last three weeks. But extreme volatility in global oil price movement has now pushed OMCs to effect the increase.
Across the country as well petrol and diesel prices increased by 30-40 paise per litre but their retail rates varied depending on the level of local taxes in the state.
AdvertisementFuel 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 few occasions but largely remained stable.
Crude price has been on a surge, rising over three year high level of over $82 a barrel now. 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 $9-10 per barrel as compared to average prices during August.
Under the pricing formula adopted by oil companies, rates of petrol and diesel are to be reviewed and revised by them on a daily basis. The new prices becomes effective from morning at 6 a.m.
AdvertisementThe daily review and revision of prices is based on the average price of benchmark fuel in the international market in the preceding 15-days, and foreign exchange rates.
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