Petrol and diesel prices increase by 15 paise and 18 paise, respectively, after a 18-day hiatus
- Price on Tuesday was increased by 15 paise per litre and
dieselby 18 paise as state-owned fuel retailers started passing on the increase in international oil prices to consumers after an 18-day hiatus
- Rates have been increased across the country and vary from state to state depending on the local incidence of taxation (
- Despite the concerns about rising COVID-19 cases in
Indiadenting demand, crude oil prices in the international market have risen primarily on account of strong US demand recovery and a weak dollar.
A litre of diesel comes for ₹80.91, as against ₹80.73 previously.
Rates have been increased across the country and vary from state to state depending on the local incidence of taxation (VAT).
Oil companies, who have in recent months resorted to unexplained freeze in rate revision, had hit a pause button after cutting prices marginally on April 15. This coincided with electioneering hitting peak to elect new governments in five states including West Bengal.
No sooner had voting ended, oil companies indicated an impending increase in retail prices in view of firming trends in international oil markets.
Despite the concerns about rising COVID-19 cases in India denting demand, crude oil prices in the international market have risen primarily on account of strong US demand recovery and a weak dollar.
Prices have been on a continuous uptrend since April 27, an industry official said adding Dubai crude oil price has risen by USD 2.91 per barrel.
It is expected that the crude oil prices in the international market will remain firm in the near future, exerting upward pressure, he said.
State-owned fuel retailers -- Indian Oil Corporation Ltd (IOC),
The April 15 cut of 16 paise a litre on petrol and 14 paise on diesel was the fourth reduction since March 24. In four reductions since March 24, petrol price was cut by 67 paise and diesel by 74 paise.
AdvertisementThis reduction was compared to a ₹21.58 per litre increase in price of petrol since the government raised excise duty in March last year. Diesel prices had increased by ₹19.18 a litre.
In Mumbai, the petrol price was hiked to ₹96.95 a litre on Tuesday from ₹99.83, while diesel rates were increased to ₹87.98 from ₹87.81, the price notification showed.
The designer for Bentley, Aston Martin and Jaguar will now work on Ola Electric's new models
PUBG Mobile India to relaunch as Battlegrounds Mobile India – here’s what we know so far
Indian coders are working around the CoWIN app to help people bag the elusive vaccine slots
Apple analyst predicts an 8-inch foldable iPhone to launch in 2023
Popular on BI
- EC ropes in banks, post offices to spread voter awareness ahead of LS polls
- Experts suggest regulatory reassessment to boost fintech sector and ease compliance burden
- SUVs to drive passenger vehicle volume 5-7% next financial year: Crisil
- M&A deal value in India drops 27% in 2023 says Deloitte report
- Ola founder Bhavish Aggarwal launches India's AI chatbot 'Krutrim AI'