Finance
By: Shree1news, 18 FEB 2021
New Delhi: Petrol and diesel price continued to rally northward on Thursday, the 10th consecutive day when its retail prices rose throughout the nation. In Sri Ganganagar town in Rajasthan, normal petrol price has shot up over Rs 100 per litre to stand at Rs 100.49 a litre.
The global oil market remained firm and prices of each crude and products noticed a big spike.
Accordingly, oil marketing companies raised the pump price of petrol by 34 paise and diesel by one other 32 paise per litre in Delhi. With this increase, petrol is now priced at Rs 89.88 a litre and diesel Rs 80.27 a litre in the national capital.
In the last 10 days (since February 9), the price has gone up by Rs 2.93 per litre for petrol whereas diesel price has risen by Rs 3.14 a litre.
Throughout the nation as well, the petrol and diesel price increase ranged between 30-35 paise per litre depending on the level of local taxes on the 2 petroleum products.
In Mumbai, petrol prices is just Rs 4 per litre short (Rs 96.32 a litre) of touching the three-digit mark of Rs 100 per litre for the very first time ever. Diesel prices in the city is closing on Rs 90 a litre (Rs 87.32 a litre).
In all other metros, petrol is over Rs 90 a litre mark whereas diesel is properly over Rs 80 a litre. Premium petrol has crossed Rs 100 per litre mark in several cities of Rajasthan, Madhya Pradesh and Maharashtra.
The increase on Thursday has followed the firming global oil prices (both product and crude) that have maintained record streak of gains in previous few days with crude costs crossing $65 a barrel mark.
Since fuel prices are benchmarked to a 15-day rolling average of global refined products’ prices and dollar alternate rate, pump prices will be expected to remain northbound over the next few days even if crude hovers at the current level.
The petrol and diesel prices have increased 22 times in 2021 with the two auto fuels increasing by Rs 6.17 and Rs 6.40 per litre respectively so far this year.
Oil companies executives mentioned that petrol and diesel prices may improve further in coming days as retail prices could have to be balanced in line with global developments to prevent OMCs from making loss on sale of auto fuels.
Source:A-N
